social media compliance risks
TRANSCRIPT
February 10, 2015
Social Media
Compliance Risks
E. Andrew Keeney, Esq.
Kaufman & Canoles, P.C.
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E. Andrew Keeney, Esq.
Kaufman & Canoles, P.C.
150 West Main Street, Suite 2100
Norfolk, VA 23510
(757) 624-3153
http://www.kaufmanandcanoles.com/movies/credit-unions.html
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Overview and Agenda
• Marketing and Advertising Issues
• Privacy Issues
• Risk Areas
• Compliance and Legal Risk
• Reputation Risk
• Privacy
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Overview and Agenda cont.
• Truth in Lending/Reg Z
• UDDAP
• Deposit Insurance or Share Insurance
• RESPA
• Fair Debt Collection Practices Act
• Fair Lending
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Marketing and Advertising
Issues• Deposit products
• Lending products
– Regulation Z
– Regulation D
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Privacy Issues
• Constant monitoring
• Procedures
– Gramm-Leach Bliley
– SPAM Act
– Telephone Consumer Protection Act
– Children’s Online Protection Act
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Risk Areas
• Deposit and Lending
– Truth In Savings
– Fair Lending
– Truth In Lending
– Deposit/Share Insurance
– RESPA
– BSA/AML
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Compliance and Legal Risk
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Reputation Risk• Dissatisfied members – negative public
opinion
• Fraud and bond identity
• Third party concerns and working with third
parties to provide social media services
• Privacy and data security
• Employee use of social media sites
• Consumer complaints and inquiries
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Privacy
• Gramm-Leach Bliley and Data Security
Guidelines
• SPAM – Telephone Consumer Protection Act
• Children’s Online Privacy and Protection Act
• Fair Credit Reporting Act
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Truth in Lending/Reg Z
(TILA-RESPA)
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UDDAP
(Class Actions)
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Deposit Insurance or
Share Insurance
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RESPA
(Referrals)
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Fair Debt Collection
Practices Act
(Treble Damages)
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Fair Lending
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The Puzzle
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Key Takeaways
• Compliance Procedures
– Compliance training
– Constant monitoring
– Policing
– Action now and not tomorrow
– Accelerate and/or monitor vendor due diigence
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E. Andrew Keeney, Esq.
Kaufman & Canoles, P.C.
150 West Main Street, Suite 2100
Norfolk, VA 23510
(757) 624-3153
http://www.kaufmanandcanoles.com/movies/credit-unions.html
February 10, 2015
Social Media
Compliance Risks
E. Andrew Keeney, Esq.
Kaufman & Canoles, P.C.