FFIEC Issues Final Social Media Guidance

The Federal Financial Institutions Examination Council (FFIEC) released its final guidance (announcement) 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 is intended to help financial institutions understand potential consumer compliance, legal, and other risks associated with the use of social media, along with expectations for managing those risks. The FFIEC published the guidance in proposed form in January 2013 and invited public comments through March 25, 2013. The agencies took the 81 comments received into account in making certain revisions to the guidance.

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