Organizations in all sectors and industries must meet applicable compliance standards, such as the Fair Lending Laws, the Consumer Protection Act, and the CAN-SPAM Act. However, when it comes to social media governance, firms in the mortgage industry face an added compliance burden to adhere to the strict compliance and monitoring requirements outlined by the Federal Financial Institutions Examination Council. These guidelines went into effect December 2013 with state requirements (some strict and some more lenient) following.
In theory, the FFIEC guidance was straightforward in helping protect the consumer and to reduce mortgage companies’ risks to fraudulent brand activity on the web. In practice, however, staying compliant, and keeping a solid compliance process, is quite a challenge! These are the challenges I work with every day:Read More