Using Social Media in Banking

Stay up-to-date on the various shifting financial regulations that apply to social media.

The use of social media has exploded in the past few years. Individuals are using it to communicate with each other on a daily basis. Businesses, especially banks and other financial institutions, are searching out ways to use social media to market to consumers. Yet, because the financial services industry is so highly regulated, the regulators are scrambling to keep up with this new marketing avenue. They have implemented regulations intended to protect consumers, often imposing board level responsibility for compliance. In the rush to connect with customers, many financial institutions may be unaware of existing regulatory guidance on these issues and hence risk running afoul of the regulators. This topic helps the people responsible for compliance understand the existing regulatory framework. Further, the material explains the restrictions imposed when dealing with consumers online. Failing to understand and follow these rules can result in regulatory actions. This information is critical for financial institutions that market to consumers online in order to ensure they comply with federal regulations.