With todays technology, a lenders reputation can be destroyed at the snap of a finger or the stroke of a few keys.
Social media disaster risk the threat that employees, customers, or vendors can undermine a companys brand and public image should be a top concern for lenders.
The growing social media risk has prompted stiffer regulations for some industries. The Financial Industry Regulatory Authority has developed guidelines for what stock brokers and broker dealers can say or do via social media, and the National Association of Insurance Commissioners has done the same for insurers and brokers.
Its only a matter of time before social media regulations are drafted for auto finance, too.
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