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Socially Aware Blog The Law and Business of Social Media

Category Archives: Financial Institutions

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A Smart Wallet

Posted in Financial Institutions, FTC, Privacy

Another great post from our sister blog, MoFo Tech: The potential for mobile payments is huge. So are the potential legal and regulatory hurdles. Banks, retailers, and pundits are paying a lot of attention to mobile payments, which typically involve the use of smartphones and tablets to pay for purchases.  But a lack of mobile infrastructure… Continue Reading

New Issue of the Socially Aware Newsletter Available

Posted in Employment Law, Financial Institutions, First Amendment, FTC, Privacy

The latest issue of our Socially Aware newsletter is now available here. In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we summarize the FFIEC’s recently-issued final guidance on social media use by financial institutions; we report on a new NLRB decision holding that particularly egregious… Continue Reading

FFIEC Issues Final Guidance on Social Media Usage by Financial Institutions

Posted in Financial Institutions

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued final guidance for financial institutions relating to their use of social media (the “Guidance”).  With its release, the FFIEC adopts its January 2013 proposed guidance in substantially the same form.  (Socially Aware’s overview of the proposed guidance is available here.) Financial institutions should… Continue Reading

Behind the Curve – Are Legal and Regulatory Concerns Preventing UK Financial Service Companies From Fully Harnessing Social Media?

Posted in Financial Institutions

Today’s consumers want to engage in a new way with the companies from which they buy goods and services.  Although some UK financial services organisations are leading the way in terms of their use of social media, on the whole, engagement in social media by UK financial services firms is still relatively limited. This is… Continue Reading

BITS Social Media Risk Management Forum: Washington, D.C. Panel

Posted in Event, Financial Institutions

Socially Aware editor John Delaney will be speaking at the BITS Social Media Risk Management Forum on July 31, 2013, at the Four Seasons Georgetown Hotel in Washington, D.C. John will be participating in a panel discussion on social media-related business and legal risks for financial services companies, and strategies for mitigating such risks. For… Continue Reading

Bitcoin Receives Cease and Desist Order Evidencing Increased Regulatory Scrutiny of Virtual Currency

Posted in Financial Institutions

Article courtesy of Morrison & Foerster’s Mobile Payments Practice On May 30, 2013, the California Department of Financial Institutions (CADFI) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect and promote the use and adoption of Bitcoin. CADFI stated in its letter that Bitcoin Foundation “may be engaged… Continue Reading

FINRA Issues Sweep Letter Regarding Use of Social Media

Posted in Financial Institutions, Securities Law

FINRA, having enacted new communications rules that specifically reference electronic communications, having issued two Regulatory Notices (linked here and here) providing guidance to the securities industry on social media, and having made social media and electronic communications exam priorities in two of the last three years, is now taking the next logical step:  conducting a… Continue Reading

Stop Insider Tweeting!—Feds Eye Social Media for Securities Shenanigans

Posted in Financial Institutions, SEC, Securities Law

Article courtesy of Morrison & Foerster’s MoFo Tech As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and improper investment information. Companies must comply with pre-Internet federal securities laws covering… Continue Reading

Watch What You Tweet: Proposed Social Media Guidance for Financial Institutions

Posted in Financial Institutions, Privacy

With the explosive growth of social media, consumers increasingly expect to be able to interact online with the companies from which they buy goods and services. As a result, financial institutions have begun to explore the use of social media, both to strengthen relationships with existing customers and to attract new ones. Financial institutions, however,… Continue Reading

The Social Media Experiment: Challenges for Broker-Dealers and Investment Advisers

Posted in Financial Institutions, Investment Management Law, Securities Law

The announcement by a Wall Street firm that it plans to give its financial advisers limited access to social media websites has been viewed by many as inevitable.  Morgan Stanley’s foray into the fast-changing world of social media highlights the difficulties faced by broker-dealers and investment advisers and the regulators who oversee them.  As more… Continue Reading

California Provides Social Media Guidance for Financial Institutions

Posted in Financial Institutions

While Facebook, Twitter, LinkedIn and other social media platforms have become an increasingly important tool for businesses across industries to meet their customers’ needs and expectations, financial institutions have been slow to embrace social media.  This is likely attributable to the highly regulated environment in which financial institutions operate, the unique risks associated with operating… Continue Reading