On Jan. 23, the Federal Financial Institutions Examination Council proposed new risk management guidance for the use of social media, entitled “Social Media: Consumer Compliance Risk Management Guidance.”
The proposal is designed to help institutions understand and manage the legal, operational, and reputational risks and concerns over consumer privacy that can be associated with the use of social media. It encourages development of a risk management program specifically designed to identify and control these risks, both from usage and potential third-party malicious acts and to monitor compliance with all applicable local, state, and federal laws.
Click here to review the proposed guidance, and the FFIEC will take comments on the proposal from interested parties until March 25. The FFIEC will issue a final guidance document upon review of all comments submitted. Contact Kieran Marion at Kieran.Marion@mcul.org or Shawn Wolbert at Shawn.Wolbert@mcul.org with any questions.