Social media is here to stay, and the best and brightest financial institutions are learning how to harness its potential for ensuring customer satisfaction and increasing business. But it also can be a key component in your strategy to proactively avoid UDAAP. Since using social media to promote products is considered online marketing, your institution’s posts fall under the same federal rules as other forms of advertising, and they must pass regulatory muster.
Several agencies have weighed in on the matter, but a handful… [more]