Archiving is an important part of the social media compliance process. It ensures that records are retained for regulatory audits and internal historical analysis. The Consumer Financial Protection Bureau (CFPB) and various states have outlined timelines related to the retention of advertisements, including those posted online on social media platforms.
Meeting Archival Requirements
Per CFPB § 1026.25 & § 1026.16, a company must keep and maintain copies of advertisements used in the course of its business, including social media content, for no less than twenty-four (24) months from and after the last date upon which an advertisement is made or disseminated. This period may be longer as required by specific state regulations.
Cloud storage is an option for companies with overwhelmingly large amounts of social media content. Having this information stored in a secure location is critical to your company’s, and your consumers, protection. ActiveComply securely stores financial institutions social media content to assist lenders with meeting regulatory requirements.