The dynamics of social media continue to change and credit unions continue to refine how social media is used to communicate to members and the community. Because of this, social media whether it’s Facebook or Twitter continue to be a fast-paced environment for communication professionals to work within as well as compliance and risk management teams to keep up with. When it comes to guidance and policies for your social media outlets, it certainly isn’t going to be a “set it and forget it” situation.
It’s taken a bit for the Federal Financial Institutions Examination Council (FFIEC) to catch up. In late 2013, final guidance was finally released on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted through social media. Whether you currently have a policy in place or need to establish one, now is the time to review the FFIEC’s guidance and establish a social media communications policy for your credit union.
There are not any new requirements set forth in this guidance. Instead, it was compiled to assist financial institutions understand the compliance and legal risks, and the reputation and operational risks they may face when using social medial. Broken into seven key components, the FFIEC provides guidance where there may have been a lack of or unclear guidance before.