Financial Marketers Object to FFIEC’s Social Media Guidelines
According to The Financial Brand, 60 of the 14,000 banks and credit unions in the U.S. provided feedback on the FFIEC’s new social media regulations for financial institutions. And although the responses represent less than ½ of one percent, the article (“Financial Marketers Slam Proposed Social Media Regs”) explains some common objections to the Federal Financial Institutions Examination Council guidelines:
- Plenty of regulation already exists, including guidelines from other regulators.
- Fool-proof, comprehensive social media monitoring is impossible.
- Disclosures cannot be required in every social media conversation.
- The FFIEC definition of social media is inadequate considering the changing nature of technologies and platforms.
- Smaller institutions want exemptions.
- Complaints via social media should not require any more of institutions than complaints in other venues.
What did you think of the proposed guidelines? Necessary? Or does your financial institution already have what it needs to develop and maintain its own policies?
