consumer protection

The Federal Financial Institutions Examination Council (FFIEC) released on December 11, 2013 final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau. The guidance provides considerations that financial institutions may find useful in performing risk assessments and developing and evaluating policies and procedures regarding social media.