Staying On Top of Vendor Management News: Week of Nov 20

Third party risk news for the fourth week of November brought us some interesting headlines - here's what to expect in this week's Staying On Top of Vendor Management News:

• If you haven't heard yet, big changes for the CFPB and OCC
• Leading legal news source JD Supra hammers down the hallmarks of an effective compliance management system
• A very interesting UDAAP enforcement action against Xerox
• Financial institutions are trapped between a rock and a hard place – CFPB encourages data sharing but the institutions know they will be criticized for sharing too freely or if appropriate controls at FinTechs aren't in place
• 15% rise in SEC exams – often with little notice

Articles From Week of November 20 to Check Out

What changes are in store once CFPB director Cordray leaves? Read here

New OCC head confirmed: Read here

Cordray – “a punitive deity”. Read here

New head of CFPB could rescind rules and quash pending enforcement matters: Read here

Excellent analysis on looming CFPB changes – Ballard Spahr’s Alan Kaplinsky is quoted extensively: Read here

Hallmarks of an effective compliance management system (hint – order and adherence and tone from the top): Read here

A broader European look at third party risk: Read here 

The increasing role of the board in managing cybersecurity risks: Read here 

Cybersecurity and the three lines of defense: Read here

A very interesting UDAAP enforcement action against Xerox: Read here  

CFPB enforcement action against Citi for student loan servicing errors – has both third party and UDAAP implications: Read here 

Reuters article on whether proposed rollbacks of regs could go too far, citing the departing FDIC chairman’s stance: Read here

Taking on the regulators seems to be a theme this year – Bank of Tokyo Mitsubishi sues NY DFS saying they have no authority of them as they are now nationally chartered: Read here

Financial institutions are trapped between a rock and a hard place – CFPB encourages data sharing but the institutions know they will be criticized for sharing too freely or if appropriate controls at FinTechs aren't in place: Read here

15% rise in SEC exams – often with little notice: Read here 

For a fun view into the vendor risk management lifecycle, download our infographic.