Social Media Guidance
Do you use Facebook or other social media to attract and interact with customers? The use of social media by a financial institution to attract and interact with consumers can impact a financial institution’s risk profile. The increased risks can include harm to consumers, compliance and legal risk, operational risk, and reputation risk.
The FFIEC recently published guidance on activities conducted on social media. The Consumer Financial Protection Bureau (CFPB) says this form of customer interaction tends to be both informal and dynamic, not to mention it may occur in a less secure environment.
In a recent court case Howard v. The Hertz Corporation, an employee made derogatory comments about a customer which were later relayed to the customer. The employee and fellow commenters lost their jobs.
This guidance will be the focus of a new course currently being developed by TRC Interactive and will soon be added to our compliance online libraries. Watch for our announcement about when this new Social Media Guidance course is released.
To stay up to date on regulatory trends and news, frequently visit our blog. TRC Interactive also offers online, interactive training on various compliance related topics. To learn more, contact us at firstname.lastname@example.org (800) 222-9909.