Vendor Risk Management News as of Feb 11 TEMPBACKUP

Staying on top of the news in the industry is an important part of proper vendor risk management. So, check out some top articles below that we suggest checking out.

Industry News as of February 11

Top note-worthy articles from the past week include: Wells Fargo outage, NAFCU's letter to CFPB, Mortgage fintech EllieMae going private and FTC enforcement actions.

• Flaws in testing may have led to Wells outage: Read here
  
  
• NAFCU letter to CFPB on proposed rulemaking and innovation: Read here
• NAFCU to CFPB: NALs, sandbox will help improve services: Read here
• NAFCU's Andrew Morris said the CFPB's proposed policy guidance to streamline and revise certain aspects of its no-action letter (NAL) policy and Product Sandbox "might serve as vehicles for improving traditional products and services, whose full potential may be held back by outdated or ineffective regulations."
• Latest Wells Fargo outage raises oversight concerns: Another system outage at Wells Fargo is expected to raise more questions about the bank’s oversight of its technology. The Office of the Comptroller of the Currency has already in recent months sent the lender a regulatory warning that can precede enforcement action. Bank customers and staff experienced problems with their accounts late last week as a result of a systems failure, leaving many customers unable to access their accounts online or on mobile applications. The bank said the issue wasn't a cybersecurity event.
• Mortgage fintech EllieMae to go private: Read here
• Ocwen adds to the FIS probe: Read here
• Very interesting – sounds like Pennsylvania wants to join New York as one of the more aggressive state agencies: Read here
• FTC enforcement actions: Read here
• From a public perception perspective, Square > Walmart in the fintech opportunities: Read here
• Bank M&A updates: Read here
• Play nice in the sandbox – the states v the CFPB: Read here
• Fourth parties: Read here
• FTC reschedules hearings on consumer protection: Read here
  

Industry News as of February 4

The first full week of February contained big news, including UDAAP, CARD Act and Equifax as the main headlines. It's been an interesting week! 

• Grammar matters: Read here
• Equifax pains endure: Read here
• Lloyds shows why third party risk matters in the insurance industry: Read here
• Proof that OFAC doesn’t just apply to financial institutions – look at the cosmetics industry $1 million enforcement action: Read here
• CFPB and CARD Act: Read here
• The risk of fintech: Read here
• Avoiding UDAAP violations: Read here
• CFPB on credit reporting errors: Read here
• BB&T buys SunTrust: Read here
• California, GDPR and credit unions: Read here

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