Social Media Compliance

Has your bank or credit union been accurately preserving the content it’s been posting on social media? If not, you may be in violation of FFIEC social media guidance, and that can spell big trouble for your financial institution.

 

Banks are often surprised to learn that they must archive their social media content and communications on an ongoing basis. But federal law regarding social media compliance for banks and credit unions requires them to do so. Find out whether your bank complies with regulations implementing the Community Reinvestment Act (CRA) with these three questions:

 

1. Are you archiving your social media content?

According to FFIEC social media guidance and the CRA, financial institutions have a responsibility to monitor and preserve content and communications posted on their social media profiles – especially comments or communications made by members of the public. This includes:

• All written comments received from the public for the current year
• Comments from the prior two calendar years that specifically relate to the bank’s performance in helping to meet community credit needs
• Any response to comments, as long as neither the comments nor the responses reflect adversely on the good name or reputation of any persons other than the institution

 

2. Are you properly preserving your social media content?

Banks must also preserve within its public file all comments received from the public over the last three years that relate to its performance in helping to meet community credit needs.

 

3. What happens if you don’t preserve your social media?

Failure to properly follow the rules regarding social media archiving for banks and credit unions can negatively impact your risk profile, respond to lawsuits, demands, or examinations, or even prevent your bank from merging or expanding in the future.

 

So, how can you protect your financial institution? The first step is to contact the Social Media Law Firm. Let us act as your guide and ensure that you’re following all of the rules when it comes to social media compliance for credit unions and banks.

 

We’ll start by conducting a social media risk assessment to determine your current level of compliance with regulations that govern the banking industry on social media. With our assessment in hand, you’ll have the tools you need to execute your social media strategies while eliminating social media legal risks.

 

Are you still waiting to make the call? The longer you delay, the longer it will take to ensure that your bank or credit union is in compliance. Don’t hesitate – contact us today to schedule your free consultation!