Staying On Top of Vendor Management News: Week of Feb 26

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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