Regulators warn banks about social media responsibilities

U.S. banks and other financial institutions that use Facebook, Twitter and other social media to drum up business or interact with consumers should have protections in place to guard against harming both customers and their own reputations, regulators said Wednesday.

Regulators, in guidance issued at the request of banks, explained how federal consumer protection laws can apply to financial firms’ use of social media. Government officials said companies should be aware that protecting their reputation if they use social media may be difficult, since the medium may give rise to critical online comments and spoofs.

Read more at Wall Street Journal

Regulators warn banks about social media responsibilities

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