Bank Compliance Requirements for Facebook Contests

Bank Compliance Requirements for Facebook Contests

"Sign up for our Facebook page and get entered into a drawing to win a free trip to Fiji!" (Warning! This is NOT a contest and this statement is for example purposes only.) The truth is that Facebook (and other social media) contests are one of the trendiest ways marketers have been using to get customer engagement. The challenge is that there are several things that must be considered when a financial institution runs a Facebook contest. This Compliance Clip (video) explains several considerations that every compliance professional (and marketing employee) should review before running a Facebook contest.

The TRID Loan Purpose Hierarchy

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