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Staying On Top of Vendor Management News: Week of Jan 22

Jan 26, 2018 by Branan Cooper

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 22

CFPB 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. 

vendor management white paper

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory 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. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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