A lot went on in the world of third party risk management this week - some of the top news stories include:
- Regulators are cracking down on Fintech and brokerage companies
- SEC weighs in on cybersecurity risks and provides new guidelines - should companies provide more or less info?
- PayPal enforcement action by FTC for UDAP (not UDAAP) violations in Venmo
- The challenge with due diligence on Fintech companies
Industry News for the Week of Feb 26
Credit Unions push back against bankers’ attacks: Read here
Regulators cracking down on Fintech and brokerage companies: Read here
SEC on cybersecurity risks: Read here
What types of companies need audits? Read here
The acting interim director of the CFPB in an open war of words with the original architect (and current Senator) of the CFPB: Read here
Third party cyber breaches set to rise: Read here
How to be a good board chair: Read here
New SEC guidance on cybersecurity disclosures: Read here
Reasons to invest in third party risk management: Read here
NYDFS will step in if CFPB relaxes: Read here
CFPB interim director Mulvaney says AG’s should step up enforcement:
“Why we think we know better or how to protect consumers in your state surprises me,” he said. “I don’t think we’ll being do much of that anymore.” Read here
Law firms and cybersecurity initiatives – why they must do more to protect: Read here
PayPal enforcement action by FTC for UDAP (not UDAAP) violations in Venmo: Read here
Head of CFPB takes a clear shot at the framer of the CFPB: Read here
FDIC quarterly report – troubled bank list is now less than 100 banks! Read here
In FinTech world, only 1 in 4 start ups make it to full implementation – begs question of when to start doing due diligence without wasting effort: Read here
Fed says - we’re not relaxing regulations:
The Federal Reserve’s top regulator said Monday that he did not view the agency’s review of post-crisis regulations as an exercise in relaxing rules or reducing capital levels, emphatically pushing back against claims that certain proposals could lead to weaker supervision.
“It’s not just semantically that I want to stress this: As we are looking at enhancing the efficiency of regulation, we are not looking to relax regulation,” said Federal Reserve Vice Chairman for Supervision Randal Quarles.
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