Privacy Concerns

Even when a financial institution complies with applicable privacy laws in its social media activities, it should consider the potential reaction by the public to any use of consumer information via social media. The financial institution should have procedures to address risks from occurrences such as members of the public posting confidential or sensitive information —for example, account numbers — on the financial institution's social media page or site.

Source: FFIEC

The Highlights:

  • All lenders should have policies and procedures centered around consumer privacy. Lenders should take steps to provide consumers with access to the policy, for instance, including a privacy policy link on all profiles.