Fortunately, there hasn't been anything too crazy happening in the world of third party risk this past week. There are still some good articles to read though to keep you updated! Check them out below!
Articles From Week of October 23 to Check Out
Acting OCC head speaks on FinTech charter opportunities at Georgetown Univ: Read here
Law firm resists CFPB by saying they are unconstitutional: Read here
New OCC guidance on enterprise risk management also mentions third party risk management: Read here
Legal analysis on the new FinTech advisory panel: Read here
Regulation by enforcement action is so impossibly difficult: Read here
Ballard Spahr on the Pennsylvania oversight of FinTech companies: Read here
CFPB releases highlights of credit card supervisory issues – lots of UDAAP concerns:Read here
FFIEC IT Examination handbook on information security guide: Read here
8 de novo deposit insurance apps approved in past year. More than 2010 to 2016 combined – a key step in launching a new bank: Read here
Bureau's Arbitration Rule overturned in Senate vote
Politico and other news outlets report that the Senate, with Vice President Pence voting to break a tie, voted to kill the CFPB's Arbitration Rule. The House of Representatives had passed a similar resolution in July under the Congressional Review Act to reject the Bureau's regulations. The resolution next goes to the White House for presidential approval, which is expected. The administration signaled its stance on the controversial regulations in a report issued Monday by the Treasury Department. When a regulation is overturned under the Congressional Review Act, it cannot go into effect and government agencies cannot issue any similar rule in the future, unless specifically authorized by subsequent legislation
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