FFIEC Proposes Social Media Guidance

On Jan. 23, the Federal Financial Institutions Examination Council proposed new risk management guidance for the use of social media, entitled “Social Media: Consumer Compliance Risk Management Guidance.” 

The proposal is designed to help institutions understand and manage the legal, operational, and reputational risks and concerns over consumer privacy that can be associated with the use of social media. It encourages development of a risk management program specifically designed to identify and control these risks, both from usage and potential third-party malicious acts and to monitor compliance with all applicable local, state, and federal laws. 

Click here to review the proposed guidance, and the FFIEC will take comments on the proposal from interested parties until March 25.  The FFIEC will issue a final guidance document upon review of all comments submitted. Contact Kieran Marion at Kieran.Marion@mcul.org or Shawn Wolbert at Shawn.Wolbert@mcul.org with any questions.

Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
Subscribe to the Michigan Monitor today!
Subscribe to the Michigan Monitor at www.MCUL.org/MonitorSubscription