In this week's third party risk related news, we've noticed that the need for a robust third party risk management program to combat cyber, financial, operational and reputational risks is still concrete (and not changing any time soon!). Read stories on the NYDFS, California state regulators, CFPB, CUNA, SEC and more that reaffirm the need for a robust third party risk management program.
Industry News for the Week of July 16
Supervision of the credit reporting agencies is a top priority: Read here
More on NYDFS plans to regulate online lenders: Read here
KPMG and the New York Fed on increased cybersecurity hardening: Read here
Article by head of NBPCA on how regulation can foster growth in the prepaid industry: Read here
Analysis of the recently passed California regulation on privacy – quite a sweeping set of regs: Read here
Summary chart of proposed CFPB rulemaking – none are directly third party risk management focused but nearly every one will have some implications for third parties: Read here
We recently sat down with Loraine Debonis of Ubiquity for her perspective – here’s an article she penned: Read here
CUNA advocates for a more user-friendly complaint system (and verified complaints) at CFPB: Read here
Meanwhile the Federal Reserve’s Inspector General also has some recommendations (some of which could not be shared publicly apparently) to improve the CFPB complaints database: Read here and here for the actual report
SEC enforcement action – often enforcement actions are kind of “cut and dry” but this one has some interesting details: Read here
Mulvaney and the secret charter for a new consumer advisory board at CFPB: Read here
Build an effective vendor risk management program today to combat today's risks - download our infographic where we'll guide you through the process.