What the FTC Facebook Settlement Means for Consumers…And CUs

Credit unions that use Facebook as an additional tool in their communication toolbox to reach a broader swath of their membership and surrounding communities, might want to proceed with caution.  In the past, the National Credit Union Administration and other federal regulators have not provided close oversight to social media platforms, such as Facebook.  However, the next time users visit Facebook, things might not look different, but big changes are brewing behind the scenes.

The Federal Trade Commission’s (FTC)  record-breaking $5 billion settlement requires Facebook to conduct a massive overhaul of its consumer privacy practices. The settlement also makes major changes to Facebook’s operations and CEO Mark Zuckerberg no longer has sole control over privacy.

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