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Best Practices

Staying on Top of Vendor Management News: Week of June 19

Jun 23, 2017 by Branan Cooper

As we’ve mentioned before, one of the challenging issues in third party risk management is staying up-to-date on news and changes occurring in the financial services regulatory world. It’s particularly difficult right now with so much uncertainty and with so many key roles still being defined. 

And we can especially help with that this week by providing you a list of recommended articles to check out.

Narrow down the information

Each week I sift through hundreds of articles and try to find the ones that are most relevant to our work. And as promised, we want to share that information with you. 

This is a particularly interesting time as various regulators start proposing more concrete ideas on regulatory reform and as certain key positions get filled.

For this week, I’d draw your attention to a few very interesting articles on the glacial pace of certain regulations versus the lightning speed with which the technology is evolving. You may also be interested to see the backgrounds and the stated opinions of some of the people chosen to lead the regulatory agencies. Finally, you’ll see an interesting article on the ever-heightened expectations of third party risk management.

Recent articles to check out 

Below is a list of important articles recently published:

CFPB proposes changes to prepaid rule: For nearly 2 years, this rule has been being finalized, called final, deadlines extended, now more changes? The moving target keeps moving, years after the initial notice of proposed rulemaking: Read more

Administration nominates James Clinger as new FDIC head, effective Nov 29: Longtime government regulator and overseer will succeed current chairman (Gruenberg) when his term expires in Nov: Read more

Pace of change has never been faster: Change is great but poses real dilemma as regulations don’t keep up: Read more

New FDIC Ombudsman did attend banking school but is a long time regulator, not a banker: Interesting choice from several perspectives: Read more

The case for automation, clearly articulated by the regulators and Lexology: Reflects our position that you can’t manage risk with outdated tools: Read more

OpEd piece in American Banker on heightened third party risk expectations: Read more

CFPB gives insight into how their consumer complaints database works: Consumer complaints was the first big footprint of CFPB.

  • Has shaped numerous enforcement actions.
  • Read more

Wall Street Journal article on the future of CFPB director Cordray: Article touts all the reasons he should go (setting direction through enforcement action is one).

  • Stops just short of overtly calling for dismissal.
  • Read more

Key US regulators set to propose regulatory rollbacks: Will be interesting to see how it plays out – nothing at all certain right now: Read more

Easy reading: The prepared testimony of the interim OCC director: Read more

I hope you will find this information interesting and meaningful. I always welcome feedback or additional suggestions. And watch out for future blog posts like this to help you stay updated with vendor management news! 

There's more you can do to be a good vendor manager than just reading the news. Download our infographic to learn other tactics.

10 Best Practices of Really Good Vendor Managers Infographic

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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