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

Nov 24, 2017 by Branan Cooper

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.

how to write a third party policy

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.

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