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Staying On Top of Vendor Management News: Week of Nov 13

Nov 17, 2017 by Branan Cooper

Some weeks there’s lots of news; some weeks there’s big news – this week, there’s simply lots and lots of big news.

Let’s look at some of the massive headlines:

  • The CFPB director is stepping down…long anticipated – and the House Financial Services Committee Chairman rips the director and the agency in harsh terms
  • Ballard Spahr looks at the potential candidates for new director
  • CFPB issues much anticipated Consumer Protection Principles
  • The Equifax breach is described in staggering numbers
  • The OCC and FDIC line up on polar opposite sides of regulatory reform
  • Compliance management is getting a seat at the “big people” table this Thanksgiving – their voice is heard more and more

Let's dive deeper into these.

Articles From Week of November 13 to Check Out

Ballard Spahr analysis of FTC mortgage enforcement action: Read here

Anticipated new CFPB enforcement chief is very familiar to the folks at Ballard Spahr:Read here

Equifax breach, in numbers: Read here

National Law Review is not optimistic on de novo banks or fintech charter possibilities:Read here

Regulatory relief bill poised to pass – biggest is increase of $50 billion threshold up to $250 billion: Read here and here

Cordray announces he’s leaving CFPB: Read here

OCC spreads optimism on regulatory reform but look at the next headline – the piling on effect is real: Read here

FDIC chairman remains opposed to regulatory reform: Read here and here

Rep Hensarling doesn’t mince words on Cordray:

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), the sponsor of the House-passed Financial CHOICE Act issued the following statement today in response to Richard Cordray's announcement that he will resign as head of the CFPB:

"We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them.  The CFPB tramples on the fundamental economic rights of American citizens, taking away their choices and opportunities.  The extreme overregulation it imposes on our economy leads to higher costs and less access to financial products and services, particularly for Americans with lower and middle incomes.  It has routinely denied market participants their due process rights.  All this harm is made even worse by the fact that the CFPB is structurally unconstitutional and completely unaccountable to the American people."

"The resignation of the Bureau’s director is an excellent opportunity to enact desperately needed reforms.  The Bureau has an important mission.  Properly designed and led, it can truly protect consumers by ensuring they have access to competitive markets that are vigorously policed for fraud.  That’s the best way to provide consumers with more affordable choices for the financial products and services they want and need.  Americans deserve the opportunity to choose the checking account they want, the mortgage they want and the credit card they want.  I look forward to working with President Trump’s choice for CFPB director to protect consumers."

Financial firms giving compliance its due: Read here

Rapid Ratings on the basics of third party risk management: Read here

CFPB issues Consumer Protection Principles: Read here

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Branan Cooper

Written by Branan Cooper

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 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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