Today, more and more banks are using social media to communicate with their customers. Recent federal guidance from the FFIEC addresses the applicability of federal consumer protection laws, regulations and policies to activities conducted via social media by banks. Banks are expected to manage risks associated with all types of consumer and customer communications, including through social media. This program outlines the applicability of existing requirements and supervisory expectations associated with a bank’s use of social media, and discusses the board’s specific role, which include directing how social media contributes to the strategic goals of the bank.
- Consumer Compliance Risk Management
- Principal Elements of Final Guidance Guidance
- Risk Management Program
- Components of a Social Media Risk Management Program
- Compliance and Legal Risk
- Reputation Risk
- Operational Risk
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