FFIEC Proposes Bank Social Media Risk Management Guidelines
This posting was written by Travis P. Nelson.
Our colleagues, Timothy J. Nagle, John P. Feldman, and Frederick Lah, recently wrote about a proposed guidance released by the Federal Financial Institutions Examination Council (“FFIEC”) earlier this week requesting comment on the applicability of consumer protection laws to the social media activities of financial institutions. The guidance, which can be viewed here, discusses the potential risks associated with the use of social media by these institutions. To address these risks, the FFIEC says that financial institutions should have a social media risk management program in place.
For more information, please read the entire posting.
Travis P. Nelson is counsel in the Financial Services Regulatory Group at Reed Smith LLP, resident in the Princeton and New York offices, and a co-leader of the firm’s Financial Institutions Enforcement & Investigations Task Force. Prior to joining Reed Smith, Travis was an Enforcement Counsel with the Office of the Comptroller of the Currency, U.S. Treasury Department, in Washington, D.C. Travis is also adjunct faculty at Villanova University School of Law, and a frequent lecturer at national and regional banking conferences.