Hello to all!

Social Networks is a “gray area” for Banking Compliance; we don’t have guidance or regulations to abide to. However there are tons of banks that have launched their Facebook/Twitter page. Do any of you have hands on experience on this matter? Can you share your knowledge and what you have done? Any Compliance implication you foresee or may have encountered by doing so. In our Facebook page we plan to provide information to the public concerning the products and services we provide, interactive communication, promote news and events... etc.

Any ideas and suggestions are welcomed. Thanks

There has been a lot of discussion in the marketing forum. I would start there.

Also look into creating a social media policy for the bank and employees.

Why is it a gray area? Compliance applies depending on what is posted. If a SN site for the bank advertises consumer loans, Reg Z applies, deposits, Reg DD applies.

Here is a list I have that I use when I teach on SN and compliance.

UDAP
Reg DD
Reg Z
FDIC membership
Fair Housing
NDIP
Retention
InfoSec
Complaints
Risk mgmt (not a reg, but applicable.)