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Staying On Top of Vendor Risk Management News: Week of April 30

May 4, 2018 by Branan Cooper

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

The CFPB complaint database may no longer be public information (makes due diligence harder if that happens!) – the last sentence of the penultimate paragraph says it all: Read here

Consumer financial protection at a crossroads a well documented legal analysis: 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.New Call-to-action

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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