Regulatory Alerts2013-12-11
Added · Updated
Social Media: Consumer Compliance Risk Management Guidance
The Board of Governors of the Federal Reserve System issued this guidance to address the applicability of federal consumer protection laws to financial institutions' social media activities. It requires institutions to implement compliance risk management programs commensurate with their social media participation to mitigate legal, operational, and reputational risks. The document clarifies that these expectations highlight existing legal requirements rather than imposing new obligations on state member banks.
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