Staying On Top of Vendor Risk Management News: Week of December 24

Even though it was a busy holiday week for most, there was still a fair amount of news for third party risk. In case you missed it, this week included the release of the worst passwords of the year, joint press releases on extended exam cycle for small institutions, CFPB 2019 and Morgan Stanley being fined by FINRA. Read details for more on each below.

Industry News for the Week of December 24

Woah Mick Mulvaney – you’re not getting away that easily: Read here

Mulvaney did double duty as head of OMB and CFPB (and now is Chief of Staff) so why not Otting?: Read here

Worst passwords of the year – no truth to the rumor that I use “incorrect” as my password so that if I forget and type something else in, it says “your password is incorrect”: Read here

Joint press release indicates final rule (unchanged) on extended exam cycle for smaller institutions: Read here

CFPB 2019: Read here

Bank regulators open while Washington feuds

Federal banking regulators -- the CFPB, FDIC, Fed, OCC and NCUA -- remain open during the partial shutdown of the federal government because their funding is independent of congressional budgeting. Reports indicate that the SBA, FHA and many other agencies aren't open for business. The SEC and CFTC have shut down all but essential market-support functions.

FinCEN continues to process AML filings, so banks should not suspend their filings of SARs and CTRs. And the Postal Service is not affected by the hiatus in federal payments.

And while Congress and the president remain deadlocked over funding government programs over the next few -- or several -- days, banks are already seeing the effects of the shutdown, as federal employees and contractors who won't be paid during the shutdown begin to ask for accommodations such as waived fees.

FINRA fines Morgan Stanley for AML lapses: Read here

CFPB isn’t using a process to evaluate consumer risk: GAO: Read here

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