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FFIEC proposes social media compliance guidance; comments due March 25, 2013

25 January 2013

Financial Institutions Group Alert

The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance on the use of social media by financial institutions, including banks, credit unions, and non-bank entities supervised by the Consumer Financial Protection Bureau. The proposed “Social Media: Consumer Compliance Risk Management Guidance” (Proposed Guidance) defines “social media” broadly to including micro-blogging sites (like Google Plus, Facebook, MySpace, and Twitter), online forums, blogs, bulletin boards, customer review sites, photo and video sharing sites, professional networking sites, virtual worlds, and online social games.

Link: http://ehoganlovells.com/cv/047ecaaacb3550f72d4970362a3d06c1c64b920c


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