The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance on the use of social media by financial institutions, including banks, credit unions, and non-bank entities supervised by the Consumer Financial Protection Bureau. The proposed “Social Media: Consumer Compliance Risk Management Guidance” (“Proposed Guidance”) defines “social media” broadly to including micro-blogging sites (like Google… Continue Reading
The Office of the Comptroller of the Currency (OCC) issued an alert today warning banks of a recent spate of distributed denial of service (DDoS) attacks directed at several U.S. banks, and reiterating its expectation that banks have risk management programs in place to identity and mitigate the “new and evolving threats” to online customer… Continue Reading
A financial services industry group recently released guidance on managing the risks associated with using social media such as Facebook and Twitter. The guidance, titled “Social Media Risks and Mitigation,” was released this week by BITS, a division of the Financial Services Roundtable, which represents 100 of the largest financial services companies. The guidance includes tips on managing numerous concerns specific to financial institutions, which are increasingly using social media in their marketing and customer relationship activities.
On September 15th, the Federal Deposit Insurance Corporation (FDIC) issued guidance urging banks under its supervision to ensure that they have robust written policies and procedures for the erasure or destruction of sensitive or confidential information stored in office equipment.