Mortgage Lenders’ Use of Social Media — Balancing the Benefits and the Risks
In this ever-evolving digital age, social media is rapidly changing the means through which we communicate, work, and conduct business. With this understanding, the Federal Financial Institutions Examination Council (“FFIEC”) released its Social Media: Consumer Compliance Risk Management Guidance to help financial service providers sustain compliance with the many laws and regulations applicable to the industry by thoroughly assessing and effectively managing the risks associated with enterprise social media use.
Using the FFIEC’s guidance as a baseline reference, CohnReznick has developed this white paper to shed light upon the potential risks associated with enterprise use of social media and assist the mortgage lending community in navigating the murky social media waters to compliance and, ultimately, success.
This white paper examines:
- The contextual definition of social media
- The benefits of an active and compliant social media presence
- The inseparable relationship between enterprise social media use and enterprise risk
- Best practices that can be leveraged by the lending community to appropriately mitigate and manage social media-related risk
For more information, please contact George Gallinger, Principal and National Director of CohnReznick Advisory Group’s Governance, Risk, and Compliance Practice at 973-871-4060.