On January 23, 2013 the Federal Financial Institutions Examination Council published proposed guidance entitled “Social Media: Consumer Compliance Risk Management Guidance’’ (guidance). Upon completion of the guidance, and after consideration of comments received from the public, the federal financial institution regulatory agencies will issue it as supervisory guidance to the institutions that they regulate. Those institutions will be expected to use the guidance in their efforts to ensure that their policies and procedures provide oversight and controls commensurate with the risks posed by their social media activities.
The guidance is intended to help financial institutions understand potential consumer compliance and legal risks, as well as related risks, such as reputation and operational risks associated with the use of social media, along with expectations for managing those risks. Although this guidance does not impose additional obligations on financial institutions, as with any new process or product channel, financial institutions must manage potential risks associated with social media usage and access.
Comments must be received on or before March 25, 2013.
The proposed guidance is available here.
