The Ultimate Social Media Compliance Checklist for Consumer Finance

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Social Media Compliance Checklist
for Consumer Finance Companies

Consumer finance companies know that ensuring compliance with regulations across all employees, partners, affiliates, or other third parties across social media can be a difficult and daunting task. The best way to get out ahead of regulatory risk is to build a robust social media compliance program.

NOT SURE WHERE TO START?

We've got you covered.

Use this checklist to help shape your organization’s compliance program—from documentation, training, and education to compliance monitoring, remediation, and technology—to ensure regulatory and marketing compliance across social media.

Documentation

Provide documentation for:

Industry-specific regulations, including both federal and state-level regulations, including:

Truth in Advertising

Unfair, Deceptive or Abusive Acts or Practices (UDAAP)

Consumer Review Fairness Act

FINRA Rule 2210

Applicable regulatory requirements for social media sites

Company brand guidelines

Guidelines for communicating with consumers on social media accounts

Review and approval process for social media content

The importance of compliance and the consequences of non-compliance

Training and Education

Regularly review and update the company's social media policy and compliance training to stay current with changes in regulations and emerging risks by:

Staying up-to-date on the latest regulatory trends in the mortgage industry through:

Regulatory agency websites, such as the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and State Attorneys General

Industry publications, such as Compliance Week, JD Spura, and American Banker

Subscribe to COMPLY: The Marketing Compliance Podcast

Professional associations and organizations, such as the American Bankers Association (ABA), Society of Corporate Compliance and Ethics (SCCE), or the National Society of Compliance Professionals (NSCP)

PerformLine’s blog and content library for all things marketing and sales compliance

Utilize industry resources such as webinars, workshops, and conferences to stay current on emerging social media compliance issues

Conduct regular internal compliance training programs, which includes:

Review of the company's current social media policy and guidelines for compliance

Specifically highlight any updates from previous training session(s)

Recent enforcement actions by regulators and the compliance takeaways from them

Social media best practices and resources to stay current on social media compliance regulations

New or emerging social media platforms and how to ensure compliance on them

Provide compliance-approved social media templates

Discuss prohibited content and actions, such as making misleading or false statements or using unapproved advertising materials

Emphasize the importance of transparency and the disclosure of important loan terms and features on social media platforms

How to properly respond to social media complaints or negative reviews, and what type of language to avoid using

Enforcement and Remediation

Have a clear action plan for instances of non-compliance by an employee, partner, affiliate, or third party.. This may include:

Notify the individual of the violation and remind them of the company’s social media policy and regulatory obligations

Removal or remediation of non-compliant content

Document instances of non-compliance and remediation

Determine appropriate disciplinary actions for individuals who repeatedly engage in non-compliant behavior

Monitoring + Auditing

Have a system in place to monitor:

Multiple platforms that loan officers may be using, including (but not limited to):

Facebook

Twitter

Instagram

TikTok

YouTube

Technology

Implement a social media compliance software or tool to help monitor your brand across social media that includes:

Automatic discovery of your brand across the web and on social platforms

Ongoing monitoring across the web and social media platforms

OCR capabilities to review and score the text from within any image shared in a social post

Ready-to-use (but customizable) industry rulebooks to monitor content against

Centralized workflow that tracks activities across both internal departments and external partners, affiliates, or third parties

Detailed reporting and analytics for compliance and performance

Archived history from discovery through remediation for any audit situation

Scalable platform that makes it easy to add additional marketing channels for review and monitoring, including the web, calls, messages, emails, and documents

The #1 Social Media Compliance Monitoring Platform for Consumer Finance Companies

PerformLine's omni-channel compliance monitoring technology automates...

Marketing compliance review and approval process of social media content
Ongoing monitoring of your brand across social media platforms including Facebook, Instagram, YouTube, LinkedIn, and Twitter
Discovery of unknown or unapproved social media posts that mention your brand

...to make loan officer oversight streamlined, efficient, and painless.

Social Media Compliance Checklist for Consumer Finance Companies