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Staying On Top of Vendor Management News: Week of Dec 4

Dec 8, 2017 by Branan Cooper

This week in the world of vendor management was all about the changes in the regulators’ leadership and the ongoing power struggle at the CFPB, with a side order of data breach and proposed regulatory reform...just to keep things interesting.

This year still isn’t slowing down – three days before Christmas there will be an administrative hearing on who gets to run the CFPB. For more details on the latest news, read the selected articles below.

Articles From Week of December 4 to Check Out

PayPal’s newly acquired TIO Networks suffers data breach – impact of 1.6 million users:Read here

Senate proposes jailing execs who conceal data breaches (no doubt in response to the Equifax breach, which was kept under wraps for 2 months): Read here

What happens at the CFPB, in terms of current and pending actions, while the leadership situation is being litigated?: Read here

Fed says regulators need to focus on cybersecurity with financial institutions: Read here

“Meet the new crop of bank regulators”: Read here

Kaplinski weighs in on CFPB halt to enforcement actions: Read here

With the exception of extension of the 18 month exam cycle rule to include banks up to $3B (from $1B previously), there’s not much here that offers relief in terms of vendor management: Read here

A real “Catch 22” – encouraged to share info but if something goes awry, bankers will be the ones held accountable: Read here

90% of banks concerned by data management issues: Read here

Understanding RegTech – a whitepaper from American Bankers Association: Read here

New OCC head – on-site examiners are here to stay: Read here

Stay in compliance with important third party risk regulations. Check out our sample to see how we can help make this process easier and more efficient for you:Download Free Venminder Vendor Management Samples

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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