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FFIEC Guidance Extends to CUs Without Social Media

Use it not, compliance with proposed FFIEC guidance would be mandatory, CU Times webinar speaker notes.

By Heather Anderson | Updated on September 11, 2013
Even credit unions without a social media presence on sites like Facebook or Twitter must comply with the Federal Financial Institutions Examination Council’s proposed social media guidance, CSI Regulatory Compliance Customer Relationship Manager Lee Thomas said in an Aug. 28 Credit Union Times ­webinar.

“Whether you are on social media is irrelevant,” Thomas said in response to a question from the webinar audience. “You need to monitor social media activity, whether it’s direct or what others are saying about you.”

That means all credit unions must develop an oversight process for monitoring social media, a task that Thomas said could be outsourced. He added that some credit unions told him they’re having an employee print all comments they find on Facebook, Twitter, YouTube and other sites, but called that process time consuming and painful.

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