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Federal Regulators Issue Guidance on Social Media and Mobile Privacy
In a sign of the role new technology is playing in existing business models, two federal regulators recently released guidance covering two rapidly expanding technology markets: social media and mobile technology. The first set of guidance, entitled Social Media: Consumer Compliance Risk Management Guidance, 78 Fed. Reg. 4848 (proposed Jan. 23, 2013), was issued as a proposal for comment by the Federal Financial Institutions Examination Council (FFIEC), which represents the examination arm of the primary federal bank regulators (including the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Consumer Financial Protection Bureau (CFPB)). Shortly after, the Federal Trade Commission (FTC) released a staff report entitled Mobile Privacy Disclosures: Building Trust Through Transparency (2013).'
Both sets of guidance are broadly aimed at extending existing consumer protection frameworks. In doing so, the guidance recognize the evolving and expanding nature of social media and mobile technology, setting guidelines which allow flexibility while protecting both consumers and financial institutions rather than creating new, inflexible regulatory regimes with the potential to stifle innovation. However, institutions will still need to carefully consider both sets of guidance when engaging with social media or mobile technology, as the FFIEC and the FTC establish a clear set of expectations which will likely play a role in examinations and enforcement actions.
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