Managing Social Media Risks
We review the oversight and controls that allow you to convey your brand message online without ramping up risk.
Using Twitter, Facebook, YouTube, and other social media platforms and your website are great ways to enhance your brand, connect with customers and prospects, and build awareness of your bank.
But ramping up your online presence also can increase your compliance risk.
You can run afoul of numerous regulations and put your bank in a vulnerable position if you haven't thought through and planned for the risks.
TCA collaborates with you to develop a sound plan, whether you're using your website and social media to connect with prospects, interact with customers, or market products.
Our team helps you understand the compliance, operational, and reputational risks surrounding your bank's online activities and shows you how to institute the proper oversight and controls to stay within the boundaries of what's compliant.
We work with your compliance, technology marketing, and human resources teams to help you develop a risk management strategy that allows you to interact with your audiences naturally and organically and stay on message, all while meeting your compliance obligations.
We pay particular attention to high-risk areas like Truth in Savings, Truth in Lending, Fair Lending Laws, and UDAAP.
How you manage consumer complaints and your training for employees' use of social platforms are among the other concerns we address.
Rely on TCA's A Better Way to evaluate your bank's social media and website content and make recommendations that won't diminish your brand message.
Key deliverables include:
- Ensuring that your online interactions and social media activity adhere to regulatory requirements
- Reviewing your social media policies and procedures and auditing and monitoring strategies to ensure their effectiveness
- Making sure that the oversight and controls in your risk management strategy fit with the social media risks you face
- Advising on guidelines employees can follow to reduce your social media risk
Additional Compliance Topics
FDIC Insurance – Communication is Key
Because of the recent Bank failures, your customers may feel skittish today. Although the news pundits all are saying deposit accounts are insured up to $250,000, we know this may not be the case. Consider having Management craft a statement message or online banking alert assuring customers their funds are insured. You should also ensure …
FDIC Name Change – Updated
On August 8, 2022 in the Federal Register (and a correction on August 12) the FDIC reported they had renamed the Consumer Response Center to the “National Center for Consumer and Depositor Assistance”. This Division is referenced in the Fair Housing regulation at 12 CFR 338 and in the Consumer Protection in Sales of Insurance …
HMDA News and Census Tract Updates
Breaking News!! This week the OCC, FRB and FDIC announced their stance on HMDA reporting for institutions thrown back into HMDA reporting due to the recent Court decision to roll back the closed-end mortgage reporting threshold from 100 back to 25. All three regulators are taking the same stance as the CFPB and have stated …
CRA Asset-size Thresholds Announced for 2023
The annual CRA asset-size thresholds for covered financial institutions were announced December 19, 2022 by the FDIC and FRB and on December 28 by the OCC applicable for 2023. The cutoff adjustments are based on the change in the CPI (Consumer Price Index) for each 12-month period ending in November, rounded to the nearest million. …
HMDA and HPML Thresholds Bumped Up for 2023
On December 28, 2022, the Consumer Financial Protection Bureau (CFPB) amended the Home Mortgage Disclosure Act (Regulation C) and the Truth in Lending Act (Regulation Z), adjusting the asset-size exemption thresholds for banks, savings associations, and credit unions. Like the CRA thresholds, the adjustments are pegged to the annual percentage increase in the Consumer Price …
New Threshold Amounts for 2023 under Regulation Z CARD Act, HOEPA and QM Sections
Based on the 8.9% increase in the Consumer Price Index (CPI-W) in effect on June 1, 2022, the Consumer Financial Protection Bureau (CFPB) released a number of new thresholds which go into effect on January 1, 2023. They include: Additionally, these changes affected the HOEPA threshold amounts found under 1026.32 based on the 8.3% increase …
New Threshold Amounts for 2023 under Regulation Z CARD Act, HOEPA and QM Sections Read More »