FIL-56-2013: Social Media: Consumer Compliance Risk Management Guidance

Financial Institution Letter

Social Media: Consumer Compliance Risk Management Guidance

FIL-56-2013 December 11, 2013

Summary:

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released final 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 guidance provides considerations that financial institutions may find useful in conducting risk assessments and developing and evaluating policies and procedures regarding social media. Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.

 

Suggested Distribution:
FDIC-Supervised Institutions

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2013/fil13056.html

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