While social media opens many doors, it can also raise serious compliance hurdles.
In this episode of the CUNA News Podcast, Kristen Tatlock, senior compliance manager for Credit Union Service Network, looks at common mistakes credit unions make when using social media, how social media risks are evolving, and some social media do’s and don’ts.
“Advertising rules are an area that has failed to evolve as quickly as technology has,” Tatlock says. “At the pace which social media platforms are being developed and as credit unions expand the platforms they use, it’s going to provide exposure for potential violations.
“Not only will credit unions need to understand the rules and regulations for advertising their products and services via social media,” she continues, “they have to be aware of the specific rules, regulations, and terms of service that each platform has.”
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
