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Best Practices

Staying On Top of Vendor Management News: Week of Nov 6

Nov 10, 2017 by Branan Cooper

This week once again reminds us that keeping up with third party risk management news is a very important best practice. Here are some of the top stories:

  • An exerpt from Chairman Hensarling's Statement on Fed Chair Nominee
  • More on Equifax
  • The Fed promises regulatory relief to community banks
  • The CFPB has been asked to issue guidance on UDAAP  something we've all been waiting for 
  • Bank of Amazon – if the acting OCC director has his way, less separation of banking and commerce

Articles From Week of November 6 to Check Out

NetSpend to repay prepaid customers impacted by account freezes to settle FTC charges:Read here

Tepid reception from the Republican head of the Financial Services Committee for the person nominated to be the new Fed chair. Chairman Hensarling’s Statement on Fed Chair Nominee: 

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), who attended today’s White House ceremony where President Trump announced his decision to nominate Jerome H. Powell for Chair of the Board of Governors of the Federal Reserve System, issued the following statement:

“Although I am not well acquainted with Mr. Powell and advocated on behalf of another candidate, I congratulate him on his nomination and look forward to working with him should he be confirmed by the Senate.  If confirmed, it is my hope that he will break from the past and lead the Federal Reserve to adopt a more transparent and more predictable monetary policy strategy and rationalize a regulatory agenda that has seen big banks become even bigger while community banks have become fewer.”

The New York State Department of Financial Services (NYDFS) flexes regulatory muscles on Equifax: Read here

The Fed promises regulatory relief to community banks – but when? Read here

NAFCU asks CFPB director Cordray to please issue guidance on UDAAP. CFPB has faced major criticism for pursuing enforcement actions without guidance: Read here

Third party risk is maturing – Wall Street Journal: Read here

62% growth in call center fraud 2015 to 2016 in banking. That’s precisely why ongoing monitoring matters: Read here

New director of FinCEN: Read here

Bank of Amazon – if the acting OCC director has his way, less separation of banking and commerce: Read here

CFPB with major enforcement action against large debt collection company, alleging violations of Telemarketing Sales Rule and Deceptive practices: Read here

The OCC is busy – I still think they’re clearing the decks before changes in leadership or potential regulatory reform: Read here

Another shot at rolling back Dodd Frank? 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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