Would anyone be able to direct me to resources that may be available regarding Social Media, more specifically . .Facebook, Twitter, etc. Our Marketing department is interested in starting some sort of social media network and this is very unfamiliar territory for me. Are there compliance issues I need to be aware of?

Nothing I'm aware of except including appropriate disclosures, memer FDIC, other standard discloures if you advertise a product. We are reviewing just as we would a printed ad. Also monitoring daily for any complaints, "status" or "tweets" about the Bank.

Make sure you do a risk assessment.

Social Media has a VERY HIGH reputational risk.

There are some serious legal concerns....privacy, idenity theft, etc. with social media. Selling is also frowned upon by participants. It is very time consuming and rarely if ever profitable for the bank when all the costs are considered. Use the search function of social media and set up a Google Alert for your bank's name and see just how much your bank is even mentioned before wasting any more time. I feel it is best looked upon as another form of public relations and usually requires giving away stuff or money to work. If I were your CEO I'd ask if there wasn't something else more profitable for the bank from your time and efforts.