This week brings all sorts of BIG news from CFPB, OCC and the Federal Reserve affecting third party risk. The new director for the CFPB unleashes some significant changes in process and the OCC issues a pretty stark assessment of the risk profile of banks, highlighting real issues with compliance with new and increasing regulations and an over-reliance on outsourcing core processes. And, the new Fed chairman was announced. Read below for those details.
Industry News for the Week of Jan 22CFPB broadens its investigative authority: Read here
Mulvaney wages war against the agency he runs – American Banker article on stark changes at CFPB: Read here
A headline we’ve been waiting for – CFPB must end regulation by enforcement: Read here
Sounds promising but unwieldy: Read here
KPMG top regulatory challenges for 2018: Read here
FTC annual report on cybersecurity and enforcement actions: Read here
Happenings at the CFPB: Read here
Credit union article citing OCC (yes, credit unions and banks do watch each others’ regulatory guidance) on third party risk management: Read here
OCC semi annual report focuses a lot on the concentration of services at third parties and the increasing risks associated with it: Read here
Powell confirmed as Fed Chairman
Federal Reserve Board Governor Jerome Powell was confirmed by the Senate on January 23, 2018, as next chairman of the Board of Governors of the Federal Reserve System. Powell joined the board in 2012
How are teams keeping up with third party risk demands? Find out in our State of Third Party Risk Management 2018 whitepaper. Download now.