FFIEC Releases Guidance on Social Media Use by Financial Institutions
This week, the Federal Financial Institutions Examination Council ("FFIEC") released its proposed guidance to help financial institutions understand and address the risks associated with social media activities.
All banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators should review their current and expected future social media use as well as evaluate their internal policies to ensure consistency with the proposed guidance. Additionally, the FFIEC is inviting comments on the guidance from industry participants, which must be received 60 days from the date that the notice is published in the Federal Register.
For more information, please read the latest post on our sister blog, Global Regulatory Enforcement Law Blog.
