FFIEC Issues Final Guidance on Social Networks

By Jerry Silva – December 17, 2013
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Last week's issuance of guidance around social networks added no new requirements to existing regulations from the FFIEC, but served to clarify to the industry that channels like Facebook and Twitter are no different than online banking and mail in terms of their use as a communications channel for bank customers - and must be treated as such from a risk perspective. However, there is a single, hidden risk that's hinted at in the guidance that banks must be aware of, the risk of doing nothing in social media.

 

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