New guidance issued on Wednesday by the Federal Financial Institutions Examination Council aims to help banks understand the risks posed by their use of social media, and suggest strategies to mitigate those threats.
“Social Media: Consumer Compliance Risk Management Guidance” will be used by banking regulators — the Office of the Comptroller of the Currency; the Federal Reserve; the Federal Deposit Insurance Corporation; the National Credit Union Administration; and the Consumer Financial Protection Bureau — in their supervision efforts.The FFIEC also encourages state regulators to adopt the guidance.
