Staying on Top of Vendor Management News: Week of June 26

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. 

Articles From Week of June 26 to Check Out

A special edition of the CFPB Complaints report, highlighting actual testimonials by customers and a graph map of complaints by state: Read more

Gruenberg (FDIC Chair) in Senate testimony lauds progress made and suggests financial regulatory relief could work.

• Broad ideas but few specifics 
• Read more

Lexology analysis of OCC Bulletin 2017-21 on FAQ’s about third party risk management

• Nothing different than previously reported but good to get confirming perspective
• Read more

The downside of scaling back the CFPB consumer complaints database

• An early hallmark of the CFPB was their stance to highlight and resolve consumer complaints
• Read more

Watch list screening interesting article on the legal perspectives associated with cybersecurity threats: Read more

What the regulators expect in a well done contract (courtesy of Bryan Cave (law firm)vendor negotiations through a regulatory lens.

Since the financial crisis, we have seen only a handful of de novo (start up or new) banks, yet we have seen continued industry consolidation, whether through the bank failures of 2010-2012, or more recently, with the pressure on margins, with the acquisition of small to mid size banks.  Certainly, the regulatory environment has been a major contributor as it is such an expense hurdle for small and mid size banks to maintain profitability despite the investment in compliance required.  Here’s just a glimpse of this week in acquisitions:

Treasury seeks public input on regulation reduction

• Feel free to take advantage of the opportunity to comment on regulations that can be changed or rolled back – now is your chance to let your voice be heard, should you wish!
• Read more

Regulatory burden forces another community bank to sell line of business: Read more

Chief Compliance Officer and Anti Money Laundering Officer charged with failing to file SARs and other notable lapses – WOW! Strikes me as quite brazen, if the facts are as reported: Read more

McWatters no longer “acting” chair of NCUA but appointed to full term: Read 

22 industry trade commissions send letter advocating for commission, rather than single director, to run the CFPB: Read more

Learn how institutions are handling vendor management, download our State of Vendor Management 2017 whitepaper.