FFIEC Social Media Guidance
The Federal Financial Institutions Examination Council (FFIEC), which includes the National Credit Union Administration (NCUA), issued proposed guidance titled “Social Media: Consumer Compliance Risk Management Guidance.” The proposed guidance addresses the applicability of federal consumer protection and compliance laws, regulations and policies to activities conducted via social media by credit unions and other federally regulated financial institutions. The proposed guidance primarily warns of the risks of using social media but it does also provide some compliance guidance. The Credit Union National Association (CUNA) is concerned that the definitions used for social media might be overly broad and that the proposed guidance does not offer enough guidance for compliance. The Comment Call can be found here and the Federal Register notice can be found here. Please submit your comments to CUNA by March 20, 2013.