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

Mar 30, 2018 by Branan Cooper

Read below for the FFIEC's opinion on exam modernization, the CFPB teaming up with the FTC,  possible regulatory relief for community banks, fintech companies in Arizona, the FDIC announces enforcement action against Cross River Bank for unfair and deceptive practices and more.

Industry News for the Week of March 26

Important item – FFIEC on exam modernization – more risk based and different cycle potentially: Read here and here

Regulatory alliance – CFPB to work with FTC to address debt collectors: Read here

How the regulatory relief may/could/hopefully/might trickle down to community banks: Read here

Arizona becomes first state to allow a fintech sandbox – but the Arizona attorney general’s office will manage it: Read here

A different tone in the CFPB’s annual report on Fair Debt Collections Practices: Read here

FDIC announces enforcement action against Cross River Bank for unfair and deceptive practices: Read here

Seems counter intuitive but it’s true – regulatory relief may drive up compliance costs – adapting to the changes, among other things: Read here

CFPB goes silent on complaints: Read here

From a BSA perspective, considering the business justification for contracting with a third party is a requirement: Read here

Tougher PCI standards may be on the way following Equifax breach: Read here

Fed chief says banks should overhaul internal cultures:

William C. Dudley, the outgoing President of the Federal Reserve Bank of New York, says regulators should encourage finance firms to review their corporate cultures to reduce risk-taking and misbehavior. He said regulators should not be required to shine a spotlight on bad behavior - rather, internal cultures could be overhauled through closer self-examination. He said that too many rules could in fact create a culture of over-observance whereby banks felt able to do anything that fell within the ambit of regulation, even if it was counter to the actual spirit of the rules. “If you have a good culture, you’d say, ‘I could do this, but it’s misleading, it’s unethical and therefore it’s inappropriate,’” he said.

Reuters

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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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