5 Guidelines for social media usage in your credit union

by: Matt Wilhelm

Social media is stronger than ever as a tool for credit unions to promote their brand to new members. There are guidelines you MUST have in place in order to stay compliant with your social media strategies, however.  Here is a summary of the guidelines set forth by the FFIEC with regards to social media:

1) A financial institution should have a risk management program that allows it to identify, measure, monitor, and control the risks related to social media. The size and complexity of the risk management program should be commensurate with the breadth of the financial institution’s involvement in this medium. Even if a credit union has chosen not to participate in this medium, it is still recommended by the FFIEC and associated agencies that the credit union have a mechanism to respond to comments and complaints regarding the institution on social media outlets. Follow your normal risk management program to address social media including:

• Instituting a governance structure
• Developing policies and procedures

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