Social Media Compliance: Current and Evolving Regulatory Requirements Description

Social Media Compliance: Regulatory Requirements Financial Institutions Need to Know

Social media is the new financial institution's branch office. But unlike brick-and-mortar branches, the social media branch has no boundaries and is almost limitless in terms of the deposit, lending, and investment products it can market and deliver. On the plus side, banks and credit unions are using social media to generate new business and interact with customers. On the downside, new business risks and compliance challenges arise. The regulators insist that the existing body of federal banking regulation is sufficient to oversee the use of social media by financial institutions and if necessary, can be supplemented with existing regulations from outside the banking arena as financial institutions continue to evolve their online products and services and find new ways to communicate with current and potential customers.

A financial institution’s success in social media will always depend on knowing, understanding, and complying with applicable federal and state laws and regulations. Following a social media risk management program is an important part of any successful social media compliance program. Not a static program, but a program that continuously evolves to meet changing market needs and regulatory requirements.

Please join Dr. Jim Castagnera as he discusses not only the components of a successful social media risk management program but also the key federal regulatory requirements underlying social media compliance.

What You’ll Learn

In this highly informative social media compliance webinar, Dr. Castagnera will discuss:

• The key elements of a social media risk management program include:

a. Corporate governance

b. Policies and procedures

c. Current and new regulatory requirements

d. Employee training

e. Managing third-party risks

f. Oversight and archiving of social media
activities

g. Auditing

h. Reporting

• Applying existing deposit, lending, and investment regulations to social media
• Rules and regulations relating to electronic communications

a.  CAN-SPAM

b.  Children’s Online Privacy Protection Act, etc 

• Brand identity and electronic fraud risks
• Risks and regulations related to third parties
• Security and privacy regulations
• Social media risks associated with employee use, etc.