We're already in the first week of May - this year has gone by rather quickly. In the first four months of 2018, we've shared the many changes in vendor risk management emerging in the news. BUT, one thing that hasn't changed - we're still seeing the CFPB make the headlines every week! Read below to see what they're up to now, recent enforcement actions that may astound you, the SEC releases a tool to help you with examinations and more. Happy reading!
Industry News for the Week of April 30
Matching risk profiles of banks and fintech companies: Read here
Mulvaney’s remarks draw criticism and concern from Warren – important as we’re watching the first head of the CFPB in her ongoing sparring with the acting director: Read here
California joins the growing list of states poised to step in as CFPB pauses enforcement: Read here
Obstructing a bank examination or providing inaccurate and misleading information can be a very costly crime – some real horror story examples included in this report: Read here
Mulvaney – a magnet for controversy: Read here
Keep the complaint database: Read here
Hack-a-Saks breaches 5 million card accounts: Read here
Mortgage Bankers Association implores CFPB to make the process of supplying information simpler to lower administrative burden: Read here
Goldman gets $110 million enforcement action – and while not third party related, shows the aggressiveness of the NYDFS and the need for enhanced internal controls and risk management: Read here
Need proof that regulatory matters and guidance is slowing down for a bit? Here’s an interesting one – OCC Bulletin 2018-10 was issued on May 1, 2018… For comparison, OCC Bulletin 2017-10 was issued on Feb 13, 2017; i.e., the volume of regulatory guidance is 2 ½ months slower than last year.
Brand and name issues are real challenges: Read here
Standing in the way of deregulation: Read here
SEC releases a new tool for checking advisers subject to enforcement action: Read here
Vendor risk management is a 2018 exam priority for the SEC. Download our eBook to prepare.