The Attorneys of Covelli Law Offices Help Credit Unions Avoid Compliance Risks on Their Social Media Accounts
March 10, 2015 (PRLEAP.COM) Business NewsMarch 10, 2015 - As social networks continue to grow and become more widely used by all demographics, it's no wonder that many Credit Unions are looking to capitalize on this growing market. However, social networks present a variety of specific compliance risks for Credit Unions. Make certain that you are aware how to effectively manage your accounts with legal guidance from Covelli Law Offices.
To help Credit Unions avoid risks, the Federal Financial Institutions Examination Council has released their own set of guidelines, outlining the different types of compliance risks, and how to successfully avoid them when managing your Credit Union's social media profiles.
No matter what social network you use, striving to be in compliance with all Federal Regulations is recommended to reduce risk. Depending upon the content of the social media page, the entire page may need to be compliant with all relevant regulations relating to an advertisement, should the social media page fall under the definition of "advertisement." For instance, under Regulation Z, Credit Unions are advised that all advertising media should provide clear and proper disclosure to help limit risks. Additionally, every ad should be in compliance with Regulation D and have the Equal Housing Lender logo clearly visible in the ad if the ad deals with real estate loans.
Privacy should also be a primary concern when managing your social media profiles. As a Credit Union, it is your brand's responsibility to be careful while posting and always be on top of protecting the confidentiality and sensitive information of your members. Additionally, Credit Unions should be well aware of the laws that protect the privacy of consumers; including the CAN-SPAM Act and the Gramm-Leach-Bliley.
Another area that should concern Credit Unions is the reputation of their brand. On a social network, it is likely that your consumers will review and comment on your Credit Union's material. While there is no FFIEC requirement for responding to these types of posts and comments, the team at Covelli Law Offices recommends assessing all of your options before taking action.
If you're looking to find a better balance between your social media engagement and the FFIEC guidelines, check out the video from Covelli Law Offices by visiting http://covellilaw.com/video-credit-unions-social-media/.
If you're looking for assistance and guidance with the day-to-day operations of your Credit Union or how existing regulations apply to your current social media websites, get in touch with the Credit Union attorneys at Covelli Law Offices. For years, the attorneys at Covelli Law have represented Credit Unions throughout Western Pennsylvania and the surrounding area. Get in touch with the Credit Union attorneys at Covelli Law today by visiting covellilaw.com.