SEC Update: 6 Ways For FinServ To Safely Use Social Media

Posted by Emily Lange Rodecker on April 17, 2014

 

The Securities Exchange Commission (SEC) updated its regulatory guidelines for social media last week, providing clarification on its policies regarding testimonials and advertisements.

In an effort to keep advisers from promoting any material that could be seen as manipulative, fraudulent, or deceptive, the SEC previously prohibited advisers and investment advisory representatives (IARs) from the following:

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Topics: Compliance, compliant social media, financial social compliance, financial social media, social banking, social media compliance, Social Media for Banking, social media regulations

Banks, Don't Bore Your Customers: 3 Ways To Succeed At Social

Posted by Mikki Ware on April 8, 2014

Banks and financial institutions face a number of challenges when it comes to digital marketing, particularly with social media. Compliance and privacy issues pose unique challenges for financial marketers who recognize the benefits of having an online presence, but are beholden to guidance from the FFIEC, FINRA and SEC. Still, some banks and credit unions are successfully leveraging social media to further their brands. Susquehanna Bank is a Lancaster, Pennsylvania-based bank operating over 260 branches in four states including Pennsylvania, Maryland, New Jersey and West Virginia. The bank engages its more than 15,000 Facebook followers with weekly features such as “Where is it Wednesday?” and “Trivia Tuesday” — as well as social responsibility campaigns dedicated to helping those in need.

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Topics: compliance, Compliance, facebook, FFIEC, social, social media, Social Media, social media compliance, Social Media Education, social media for banking, Social Media for Banking, social media marketing

Social Media Archiving for Regulated & Non-Regulated Industries

Posted by Emily Lange Rodecker on March 13, 2014

Let’s talk about social media communication and record retention. That’s right -- archiving. Riveting stuff, we know. But really -- keeping strong archives could be the difference between happiness, sunshine, and lollipops or facing fines, lawsuits, & PR nightmares. Yikes.

If you’re in a regulated industry like finance, healthcare, or pharmaceuticals – archiving your social media activities is most likely mandatory. Even if it’s not a legal requirement, it’s certainly considered a good rule of thumb.

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Topics: archiving, Business, compliance, Compliance, regulations, social media archive regulations, social media archiving, Social Media for Banking, Social Media for Healthcare, social media record retention, social media record storage, social media records, social media regulations

Healthcare: 3 Tips To Safely Enter The Digital Landscape

Posted by Emily Lange Rodecker on March 3, 2014

Certain industries such as healthcare have faced challenges implementing social media due to privacy compliance issues. The HIPAA Security Rule, on the books since 2005, establishes standards of protection for personal electronic health information that is created, received, used, or maintained by any health organization. This includes messaging transmitted via social media – which means it’s even more important for companies to ensure they acquire the right tools, create a social media policy, and train their team to be well-versed in social media best practices. Because what you might think is a minor piece of information – such as hinting at a patient’s identity or personal health information (PHI) -- can land hospitals and facilities in hot water.

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Topics: compliance, Compliance, healthcare, healthcare compliance, HIPAA, regulated industry, social compliance, social media, social media compliance, Social Media for Healthcare, social media regulations

Updated Social Media Guidance from the FFIEC: Is Your Bank Still Compliant?

Posted by Emily Lange Rodecker on December 19, 2013

December 2013 – UPDATE:  

Nearly one year after putting out a proposed guidance on social media use for financial institutions, the Federal Financial Institutions Examination Council (FFIEC) issued “Social Media: Consumer Compliance Risk Management Guidance.” This guidance has been adopted by FFIEC member organizations, including the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB) (collectively, the Agencies), and the State Liaison Committee (SLC).

These regulatory bodies overseeing financial institutions recognize the importance social media plays in marketing, customer service and audience engagement – but stress the importance of banks, credit unions and savings institutions to remain compliant while participating.

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Topics: Board, Business, CFPB, Compliance, compliance regulationss, consumer compliance, FDIC, FFIEC, NCUA, OCC, risk management, SLC, social media, social media banking, social media compliance, Social Media for Banking, social media regulations

Protect Your Brand from Bad Language

Posted by Emily Lange Rodecker on November 12, 2013

Four letter words. Yuck. You know the ones we mean… that bad language that makes you cringe when you see it coming from the wrong source -- like a brand's Twitter handle. We all like to think that we would never be that social media manager who makes the mistake, but what can you do to really ensure it never happens on YOUR company's accounts?

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Topics: brand damage, Business, compliance, Compliance, compliant social media, filtration, moderation, risk management, secure social media, social branding, social media, social media for business

Protect Your Company From Rogue Employees & Social Media Meltdowns

Posted by Emily Lange Rodecker on August 1, 2013

Your employees are often your greatest brand ambassadors. They know and love the company, they’re experienced with your products and/or services, and they probably have a personal network of friends, family and followers who value their opinion. So if they want to talk about your company on their social media channels, we say “Let them!”

But what can you do when employees who are disgruntled or less-than-passionate about their jobs go rogue and lash out on their social channels, or worse – the company’s social channels?

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Topics: bring your own social, Business, compliance, Compliance, employee privacy, employee rights, employees, rogue employees, secure social media, security, social media, social media policy, social media security

The Main Event: Social Media Privacy Laws vs. Financial Industry Regulation

Posted by Emily Lange Rodecker on May 22, 2013

In one corner, there’s employee protection. In the other, securities regulation concerns. In the battle of security, what’s more important: employee privacy or industry regulation? As the number of U.S. states passing social media legislation to protect employee rights increases, so does the pushback from regulatory bodies.

In cases where your social media profile is public, the gloves are off. Your employer has the right to view your posts – as does everyone else in the world (you know, being public and all).

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Topics: Business, compliance, Compliance, employee privacy, FFIEC, internet privacy, legislation, regulatory bodies, secure social media, social media, social media compliance, social media legislation, social media privacy

Get Your C-Level Executives Serious about Social

Posted by Emily Lange Rodecker on May 1, 2013

As the CEO (or CFO, CMO, or any other C-level executive) you’re a pretty big deal. Your hard work has paid off and you’re seen as a thought leader by your customers, competitors, and employees. People want to hear what you have to say. You know you need to be where your customers are, but there’s already an incredible amount on your plate (note the aforementioned big-dealness). Can you really add social media as one more way to spend your time? We think yes – here’s why:

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Topics: Business, business, CEO, Compliance, gremln tips, social media, social media marketing

The SEC and Social Media – Together at Last?

Posted by Emily Lange Rodecker on April 8, 2013

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Topics: Business, compliance, Compliance, FFIEC, regulations, SEC

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