Banks Get Social Media Guidance From US Regulators

Law360, Washington (December 11, 2013, 8:05 PM EST) -- American financial institutions face significant risks in the absence of clear policies governing the use of social media by its employees and representatives, a U.S. government oversight agency said in advisory guidance issued Wednesday.

The guidance issued by the interagency Federal Financial Institutions Examination Council advises banks to craft and evaluate policies and procedures to mitigate risk posed by social media. 

“As with any product channel, financial institutions are expected to manage potential risks to the financial institution and  consumers by ensuring that their risk management...
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