The Federal Financial Institutions Examination Council (FFIEC), in conjunction with its State Liaison Committee, has proposed guidance on how banking organizations should use social media. Because the Consumer Financial Protection Bureau, now a member of the FFIEC, is participating in this effort, final standards will also govern non-bank financial entities using social media to market services or otherwise interact with retail customers. Many of the proposed duties will require significant changes in internal practice, as well as enhanced board and senior-management involvement in setting risk-management and related policies in this area.
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