Does your bank or credit union use social media? If so, awesome! In today’s day and age, banks and credit unions need to use social media to promote their products, service and engage with their community. But there are serious financial laws and regulations that govern bank and credit union social media use. And if you don’t follow the laws that govern social media compliance for banks or social media compliance for credit unions, you can get in serious trouble.
As a social media lawyer that serves the financial services industry, I understand that the law has seemed like the Wild Wild West when it comes to banks and credit unions using social media. Meaning, previously there was no clear guidelines on how banks and credit unions can comply with financial laws like the Fair Housing Act, Equal Credit Opportunity Act, Truth in Lending, and Community Reinvestment Act, but now, there is. You see, the Federal Financial Institutions Examination Council recently released its FFIEC social media guidance that requires every single bank and credit union, that use a social media to have a social media risk management program. And if you don’t have a social media risk management program at your bank or credit union, you can get in serious trouble with the law that can really break the bank.
Okay, that was lame. But at the end of the day, what is not lame? Having compliance and legal risks that could hurt your bank or credit unions bottom line or harm your consumers or your members. And so it is now absolutely necessary that every bank or credit union that uses social media, whether you promote financial products, or just engage with your community, you have to have a risk management program to ensure that you stay compliant with federal guidelines and applicable law. Now, you’re probably asking yourself, “Ethan, this sounds good, but how can I learn about the laws that govern bank and credit union social media use and what I need to do to create a risk management program at my financial institution?”
Well, never fear. Just visit financialfridays.co to download our free guide on how you can manage social media legal risks at your bank or credit union. It’s not financialfridays.com. Why? Because we couldn’t afford a domain name because it was like $2,000. It’s financialfridays.co. You can visit that website, download our free guide today, and learn how your bank or credit union can use social media in a manner that meets the requirements for social media compliance for banks or social media compliance for credit unions. Download the guide today, or contact us today for help.
