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Staying On Top of Vendor Management News: Week of July 17

Jul 21, 2017 by Branan Cooper

As we've mentioned before, it's important to stay updated with regulatory news. Learn what's new in vendor risk management this past week. We've put together a list of resources to check out. 

This week had a theme of “change”. Janet Yellen changed her tune; OCC head changed his tactic on proposed FinTech charter; and the House Committee on financial services advocated for a change in leadership at the CFPB – several incredibly informative articles.

Articles From Week of July 17 to Check Out

Fed chair Yellen backs off her prior optimistic tone and criticizes proposed regulatory reforms: Read more

Reminder that third party risk management is not just a US issue and not just a financial services item: Read more

New York is known for having an authoritarian approach to financial services supervision; here’s a classic example: Read more

The broken windows approach to compliance enforcement: Read more

New OCC head vigorously defends proposed FinTech charters and slaps at state agencies who disagree: Read more

Make time for risk management: Read more

What is FinTech?: Read more

The benefits of insourcing in financial services – good to read the counter argument!: Read more

Analysis of the optimism regarding banking reform possibilities: Read more

Board expectations: Read more

House Financial Services Committee member calls for CFPB director Cordray to resign – note that the article also reflects what I’ve been saying about recent volume of enforcement actions...

Hensarling Responds to Recent Deluge of Action by CFPB           

WASHINGTON – House Financial Services Chairman Jeb Hensarling (R-TX) issued the following statement today regarding the ever-growing list of actions, rules and regulations coming out of the CFPB over the last week – including finalization of updates to its “Know Before You Owe” mortgage disclosure rule, selection of new Consumer Advisory Board members, finalization of its arbitration rule, and proposed changes to the reporting requirements for banks and credit unions that issue home-equity lines of credit.

“Back in March, I asked Director Cordray whether he would serve his full term as CFPB Director expiring July 2018, and if not, on what date he would depart from office. He avowed that he had ‘no insights to give,’ even though it is widely reported that he is considering a run for the Democrat nomination for Ohio Governor.

“If Director Cordray wishes to issue midnight rules, to hire or adjust the status of CFPB employees, to obligate CFPB funds, or to accelerate agency investigations, he should first commit to serving his full term. If he will not do so, the honorable course of action would be to resign and leave such decisions to his successor.”  

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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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