TopMortgage Compliance Update (1)

Social Media:
Consumer Compliance 
Risk Management Guidance

December 12, 2013


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On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance ("Guidance") on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau. 

 

The Final Rule is entitled:

Social Media: 

Consumer Compliance 

Risk Management Guidance 

 

I have provided an outline of the Guidance along with suggestions to manage the risks associated with the use of social media. 

 

  Read Article-1

 

I also published a magazine article in February 2013 on this topic, entitled Social Media and Networking Compliance, which may be downloaded from our Library.  

 

The Final Rule is meant to highlight and manage potential risks to financial institutions and consumers; however, financial institutions should ensure their risk management programs provide oversight and controls commensurate with the risks presented by the types of social media in which the financial institution is engaged, including, but not limited to, the risks outlined within the Guidance.

 

I hope you enjoy the article.

 

Regards,

Jonathan Foxx

President & Managing Director



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Social Media: 
Consumer Compliance Risk Management Guidance 
Final Rule - 12/11/13 
Federal Financial Institutions Examination Council (FFIEC) 

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