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Best Practices

Staying On Top of Vendor Management News: Week of October 2

Oct 6, 2017 by Branan Cooper

Learn what's new in vendor risk management from the week of October 2. We've put together a list of resources to check out. 

It’s been an interesting week  topics include:

  • OCC dangles idea of granting FinTech charters to PayPal, Amazon and other giants – this will definitely be controversial. It makes it very hard for community banks to compete with the size and scale. And, other regulators and state agencies are going to challenge the OCC's right to create new universal regulations.
  • Equifax’s continued challenges and testimony in Congress.
  • The OCC released its 2018 exam priorities – cybersecurity and third party risk factor heavily in those priorities.

Articles From Week of October 2 to Check Out

OCC priorities for 2018 – cybersecurity and third party risk feature prominently: Read more

As suspected, acting chair Noreika confirms the proposed FinTech charter could apply to commercial firms such as Amazon and Walmart or Google – again, dispelling the notion this charter would only be for small innovative startups (i.e., this will only add to the consternation by other regulators and community banks): Read more

Amazon and PayPal meet with banking regulators: Read more

Stunning is a good word – OCC seems poised to go after every regulator: Read more

By the time you read this, some of the news will be known, but, yes, this is shaping up to be an enormously pivotal week for financial services in various hearings and a couple of possible votes on Capitol Hill: Read more

At the RegTech2017 conference, a CFPB executive suggested while there is room for regulatory reform, there is going to be intense increased scrutiny in certain areas (context of the Equifax breach) – here’s an example: Read more

This also came up at the RegTech2017 conference in a discussion between American Banker editor Penny Crosman and former OCC chair Gene Ludwig – perspective on the OCC charter – general agreement that granting charters to megacompanies will put community banks in peril as they can't compete: Read more

OIG report finds CFPB examination workpaper documentation practices can be improved: Read more

Learn how to protect yourself from cybersecurity threats and breaches, download our eBook Regulatory Developments Impact Your Next Vendor Management Exam eBook

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has more than 25 years of experience in the financial services industry with a focus on the management of internal 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.

Follow Branan Cooper