Financial institutions use social media to generate new business and interact with consumers but must adhere to consumer protection and compliance laws and regulations.
Financial institutions are expected to manage risks associated with all types of consumer and customer communications, no matter the medium, and they are required to regularly assess their risk management with respect to the use of social media. To manage potential risks, institutions must ensure their risk management programs provide appropriate oversight and controls.
Recently, agencies have commenced enforcement actions concerning social media under a number of legal theories, including fair lending, unfair consumer practices, and unlawful business activities.
This program will help financial institutions understand and successfully manage risks presented by the use of social media. Attendees will learn about specific regulatory expectations and recent enforcement priorities, as well as how their institutions can mitigate the risks associated with social media.
What You'll Learn:Social Media Oversight and Management- Legal and Compliance Obligations for Financial Institutions
- FTC Act
- Dodd-Frank
- TILA and Regulation Z
- Other State and Federal Guidelines
- Risk Management Objectives
- Controlling and Managing Regulatory, Reputational, and Compliance Risk
- Demonstrating an Adequate Compliance Program
Key Legal Issues- Background of Federal and State Regulations
- MAP Rule
- UDAP/UDAAP
- SAFE Act
- Fair Lending Concerns
- People-Based Advertising
- Use of Social Media as a Means of 'Fair Advertising'
- Avoiding Redlining and Unintended Consequences
- Advertising and Marketing Issues
- Space-Limited Advertisements and Posts
- FTC Guidance
- National Labor Relations Act and Social Media
- Ability to Monitor Employees Is Limited
RESPA and Kickbacks- Section 8 - Prohibitions Against Kickbacks
- Overview
- Use of Social Media to Confer a Benefit to the Other
- Endorsements and Referrals
- What Is Considered Acceptable Online Conduct?
- Endorsements and Likes
- Promotion of Third Parties in Social Media Posts
