FFIEC Social Media: Consumer Compliance Risk Management Guidance

The Federal Financial Institutions Examination Council (FFIEC) released guidance for banks, savings associations and credit unions. Non-bank-entities supervised by the Consumer Financial Protection Bureau are grouped in with the type of companies above. The guideline offers general advice, in somewhat vague terms, which gives entities the flexibility to devise risk-management policies that best align with their organizational structure.

According to the guidance, even if a bank, savings association or credit union isn’t active on social media, a process corresponding to negative comments or complaints is necessary.

Smarsh, Inc. assumes no liability for the accuracy or completeness of this information. Please consult with an attorney for specific information on specific rules and regulations and how they apply to your business.

Helpful Links:
The Official FFIEC Social Media Guidelines PDF

 

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