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Federal Financial Institutions Examination Council, Social Media: Consumer Compliance Risk Management Guidance (Dec. 11, 2013) (full-text).
This guidance addresses the applicability of federal consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as by non-bank entities supervised by the Consumer Financial Protection Bureau (CFPB) (collectively, "financial institutions").
The guidance does not impose any new requirements on financial institutions. Rather, it is intended to help financial institutions understand potential consumer compliance and legal risks, as well as related risks such as reputation and operational risks, associated with the use of social media, along with expectations for managing those risks. The guidance provides considerations that financial institutions may find useful in conducting risk assessments and crafting and evaluating policies and procedures regarding social media.