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Staying On Top of Vendor Risk Management News: Week of June 11

Jun 15, 2018 by Branan Cooper

An analysis and opinion of SEC guidance on cybersecurity, what fintech companies can learn from banks, Mulvaney asks BCFP to consider 20% spending reduction, plus more - read these stories and the rest of this week's vendor risk management news that made headlines below.

Industry News for the Week of June 11

More on the disbanding of the Consumer Advisory Board of the CFPB: Read here

Fintech charter seems to be in jeopardy: Read here

Mulvaney’s perplexing reasoning on the advisory boards on his way to creating “gold standard” agency: Read here and here

OCC’s mixed message on fake accounts: Read here

SEC guidance on cybersecurity – analysis and opinion: Read here

What fintech companies can learn from banks – hint: much about regulatory preparedness and risk management: Read here

OCC Comptroller Otting presentation to House Financial Services Committee

Focuses on same issues raised in semi-annual report, with some mention of third party service providers; also massive review of 500 – 600 MILLION new accounts opened by about 40 banks over past 3 years- issued numerous MRA’s related to account opening (mostly requiring more comprehensive policies) but only about 10,000 accounts (.002%) seem to be opened fraudulently; only 250 MRA’s out of 4,000 active MRA’s. Otting had to educate Congress member how MRA’s work v enforcement actions and that MRA’s are absolutely confidential matters. Read more here

Listen around 29 min – 32 min for commentary on account opening and proposed fintech charter: Watch here

The increasing importance of PCI compliance in an era of more frequent breaches: Read here

Mulvaney asks BCFP to consider 20% spending reduction: Read here

What GDPR means to the US: Read here

California considering a GDPR-like rule that will impact us all: Read here

SEC fines Merrill Lynch $15 million for misleading clients: Read here

Insightful perspective from a now-ousted CFPB advisory board member: Read here

Data governance is the key to data security: Read here

How are your vendors addressing your data? We've reviewed the cybersecurity posture of hundreds of vendors and we found that there are top 4 areas we recommend you focus on to ensure that your data is safe - download now.

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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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