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Staying On Top of Vendor Management News: Week of Jan 29

Feb 2, 2018 by Branan Cooper

The week of Jan 29 saw some really amazing headlines. The CFPB seeks public input on its processes and enforcement actions, new debt collection rules with third party implications and now they have to stop creating regulations through enforcement actions.

Also in third party risk news this week - Europe's new extensive CPI rules, predictions and key dates for 2018 and more. Read below for these resources. 

Industry News for the Week of Jan 29

When will regulation technology (regtech) pay off for banks? Read here

Likely the most eventful week in CFPB’s short history – changes in direction, questionable dropping of an enforcement action, change in tone, challenge at the top: Read here

Mulvaney (new CFPB interim director) says new debt collection rules may be coming and those undoubtedly will have third party implications: Read here

Ballard Spahr’s Consumer Financial Services Group honored as Law360 “Practice Group of the Year”: Read here

A nice recap of the unchartered waters for the CFPB: Read here

Europe's new data rules go much deeper than Payment Card Industry (PCI) — and many U.S. companies must comply: Read here

CFPB list of all consumer reporting agencies: Read here

With it being so difficult to start a bank, Moven takes the alternate route – as Green Dot did – by buying a bank. Note the commentary about the regulatory requirements in the article: Read here

The never ending saga of CFPB director-ship passes another court challenge: Read here

Translation – it’s going to be quite a while til we see anything that provides meaningful third party risk management relief: Read here

CFPB also got told to stop creating guidance through enforcement actions: Read here

Nearly 80% of community bank execs say that change is necessary in order to compete effectively: Read here

MRA’s – a deeper analysis that extends to your board: Read here

Compliance risks – cybersecurity, regulatory risk and third party risk make up 3 of the top 5: Read here

CFPB seeks public input on its processes – next week, they will seek input on enforcement actions: Read here

Overall, you can't have a good vendor management program without the 6 pillars. Download our infographic to learn more.

6 Pillars of Effective Vendor Management

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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