FFIEC Proposes Guidance for Use of Social Media by Banks

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The primary bank regulatory agencies, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau and the State Liaison Committee of the Conference of State Bank Supervisors (collectively, the Federal Financial Institutions Examination Council, or “FFIEC”) recently proposed guidance for their respective regulated financial institutions regarding the use of social media. Comments on the proposed guidance are due on or before March 18, 2013. Note, the guidance does not apply to SEC regulated entities.

The FFIEC defines social media as a form of “interactive online communications” by which users can create and share text, pictures, audio, video or other forms of content. Examples include Facebook, Twitter, Instagram, YouTube, LinkedIn, and even social games like FarmVille.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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