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Staying On Top of Vendor Risk Management News: Week of December 31

Jan 4, 2019 by Branan Cooper

So this week, we heard from the new head of the CFPB, got an instructional video from the FDIC, have new workshops from the OCC, learned about a new Wells Fargo settlement and even get a little Shakespeare. Check out the below articles.

Industry News for the Week of December 31

Listening Tour 2019. Kraninger will be engaging in a listening tour to get to know the 1500 employees in the Bureau. For example, she plans to visit to San Francisco, Chicago, New York regional offices. She also indicated that she intends to connect with other regulators and constituencies including, state regulators, other related federal agencies, consumer advocates and regulated institutions. She also indicated she will work to have a productive relationship with House Financial Services Committee and its incoming chair Maxine Waters. Earlier this month, Waters released a statement requesting Kraninger undertake specific initiatives "to put consumers first by rolling back the anti-consumer actions taken by her predecessor and allowing the Consumer Bureau to resume its work of protecting hardworking Americans from unfair, deceptive or abusive practices.” New staffing alignments and other strategic changes may be borne form this listening tour.

Believes Regulated Industry Wants to Comply. In a nod to industry, Kraninger noted that institutions want to comply with consumer protection laws. The Bureau needs to give institutions clear rules in her view. However, she also signaled strong action for outliers, indicating that enforcement is a critical function and tool of the Bureau "fundamental to the agency's mission." She also noted that "bad actors" should expect repercussions under her watch: Read here

Wells Fargo to pay $575 million to settle practices claims with states: Read here

The year in review by American Banker: Read here 

Lots of focus on cybersecurity in the SEC exam priorities: Read here

GDPR is the model for the global stage: Read here

The complicated role of artificial intelligence in banking and regulations: Read here

FDIC video (38 min) on Bank Secrecy Act: Read here

Legislative agenda: Read here

OCC workshops: Read here

Board oversight of cyber risk: Read here

The shutdown and its impact: Read here

Once more, into the breach (with apologies to Shakespeare): Read here

Top challenges for compliance officers in 2018: Read here

2018 OCC's Annual Report: Read here

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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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