The Plain English Version of FFIEC’s Social Media Guidelines

By Jason Falls

It’s been fascinating watching the industry’s reactions to the Federal Financial Institutions Examination Council (FFIEC) proposed risk management guidance for social media. But let’s put the pitchforks down, step back for a second and take a look at the underlying spirit of the FFIEC’s advice — piece by piece — so we can translate it into a useful reality for both banks and credit unions. (Please keep in mind, I’m a digital marketing practitioner, not a bank marketer. I come to this from the perspective of a social media marketer, not one firmly ingrained in the financial services world.)

Governance Structure

The first recommendation is simply that banks and credit unions have a governance structure in place with clear roles and responsibilities. This is the FFIEC’s way of saying, “If regulators call and ask, the person who answers the phone should know who’s in charge of social media and direct us there accordingly.”

continue reading »