Who does FFIEC apply to?
The Federal Financial Institutions Examination Council (FFIEC) is the U.S. government’s “formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions.” Accordingly, all federally supervised financial institutions, holding companies, and their subsidiaries are required to comply with FFIEC guidelines. For more information on FFIEC, refer to their website.
What are the compliance requirements for the FFIEC guidance on social media?
FFIEC guidance on social media outlines the processes financial institutions must undergo to manage their social media content compliantly. Notably, FFIEC requires organizations to establish a “governance structure with clear roles and responsibilities” and “establish controls and ongoing assessment of risk in social media activities.” Additionally, organizations have to monitor social media content for “all applicable consumer protection laws and regulations.” Enterprises must also establish reporting parameters “that enable periodic evaluation of the effectiveness of the social media program.” For all social media compliance requirements, you can read the full FFIEC guidance here.
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