![]() In fact, we are the only law firm in the world that focuses exclusively on social media compliance for banks and social media compliance for credit unions. With our risk assessment in hand, you’ll be able to market your bank on social media with the confidence that you’re protected from social media risks.Īs experienced social media attorneys, we understand the complexities and frustrations you’re facing, and know how to get your financial institution back into compliance. The Social Media Law Firm has conducted risks assessments for banks and credit unions across the country. A risk assessment will determine your current level of compliance with regulations that govern the banking industry on social media, including the Fair Housing Act. This first step is to building your social media risk management program is to conduct a social media risk assessment. According to FFIEC social media guidance, each bank or credit union that uses social media must implement a risk management program to ensure that they reach an acceptable level of compliance with all financial regulations – including FHA social media compliance. While following these tips may help decrease a bank or credit union’s social media legal risk when promoting real estate products, it’s important to remember that the Fair Housing Act is just one of many financial laws and regulations that a financial institution must comply with on social media. Social Media Compliance for Banks and Credit Unions Financial institutions should also ensure that both genders get as near equal time as possible. To show an affirmative intention to comply with the act, social media content that relates to real estate products should depict people with a diverse racial makeup as possible. ![]() Second, the FHA requires that a lender’s marketing materials reflect an affirmative intention to comply with the anti-discriminatory intent of that act. Alternatively, they may use the word “Equality Housing Opportunity” or “Equal Housing Lender” to the text of the post – either in the caption, or meta description. The logo should also be placed in each social media profile’s cover photo since this is the first thing consumers see when they visit a bank’s social media profile.īanks and credit unions should also add the Equal Housing Opportunity logo to each specific post that promotes a real estate-related product. To comply with the FHA on social media, a financial institution must implement two compliance safeguards when promoting real estate-related loans:įirst, any social media post advertising a financial institution’s real estate products should include the Equal Housing Lender or Equal Housing Opportunity logo. ![]() How to Comply with the Fair Housing Act on Social Media Therefore, you must follow the specific requirements of the FHA to ensure that your advertising does not discriminate – or appear to discriminate against anyone in a manner that could violate the law. Generally speaking, these regulations prohibit a financial institution from directly or indirectly engaging in any form of advertising of real estate-related loans that implies or suggests that the institution discriminates in violation of the law. Banks and credit unions that make real estate-related loans must comply with non-discrimination laws and regulations, such as the Fair Housing Act. The Fair Housing Act is a federal statute that prohibits discrimination with regard to the sale or financing of real estate on the basis of race, color, religion, sex, familial status, national origin, or handicap. In other words, if you promote mortgages, home loans, HELOCs, or any other real estate products on social media – or provide educational materials for prospective homebuyers on Facebook, Twitter, LinkedIn, or Instagram – then you must comply with the Fair Housing Act (FHA). Social media is a great place to promote your real estate products, but you must comply with financial regulations governing the promotion of real estate when doing so.
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