MCUA Comments on FFIEC Social Media Use Guidance
The Missouri Credit Union Association (MCUA) has submitted a comment letter about social media guidance to the Federal Financial Institutions Examination Council (FFIEC). MCUA's letter focuses on proposed guidance from FFIEC detailing risks to credit unions that use social media as a way of interacting with their members, as well as risks to those credit unions that do not use social media.
Sent on March 25, 2013, MCUA's letter requests the FFIEC to provide more compliance information in the guidance and to clarify that the guidance does not impose any new requirements on credit unions. The use of social media is already subject to consumer financial laws and regulations.
MCUA's comment letter is available here.