Federal Financial Institutions Examination Council (FFIEC) guidance on social media
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, is issuing this final supervisory guidance entitled “Social Media: Consumer Compliance Risk Management Guidance” (Guidance). The Guidance is being published after consideration of comments received from the public. The Office of the Comptroller of the Currency (OCC); the Board of Governors of the Federal Reserve System (Board); the Federal Deposit Insurance Corporation (FDIC); the National Credit Union Administration (NCUA); and the Consumer Financial Protection Bureau (CFPB) (collectively, the Agencies) will use it as supervisory guidance for the institutions that they supervise, and the State Liaison Committee (SLC) of the FFIEC encourages state regulators to adopt the Guidance. Accordingly, financial institutions are expected to use the Guidance in their efforts to ensure that their policies and procedures provide oversight and controls commensurate with the risks posed by their involvement with social media.