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Staying On Top of Vendor Risk Management News: Week of June 18

Jun 22, 2018 by Branan Cooper

Read about PayPal acquiring HyperWallet and Blackhawk, what CFOs have to say about their systems and hackers, vetting emerging mobile technologies and more.

Industry News for the Week of June 18

From BankDirector conference, what risks are top of mind for bankers today? Read here

OCC Otting testimony at Senate Banking Committee:

Testy exchange around 45 min in with Sen Elizabeth Warren around OneWest and the CRA requirements – “CRA needs to be updated but the man who says it needs updating… is not right man to re-write the Community Reinvestment Act”
Read more here

Stop pretending that guidance is the same thing as a rule – stop regulating by enforcement (House feedback to OCC Otting): Read here and here

Ernst and Young’s whitepaper on the state of third party risk management: Read here

FSOC annual report recommends Congress pass legislation that grants examination and enforcement powers to the SEC, CFTC, FHFA, and NCUA to oversee third-party service providers: Read here

Who cuts the barbers hair? In essence, that’s what the MBA wants to know, in urging CFPB to develop a rule on rules – when and how to create new rules rather than enforcement through intuition: Read here

More on the states stepping in as the CFPB pulls back – really terrific insight here: Read here

About 20% of CFOs admit their companies' systems have been hacked, yet their level of optimism stays at a record: Read here

CFPB nominee faces an uphill battle which will have the net effect of extending the acting director’s term: Read here and here

Putting the regulatory reforms in place – interestingly, the final sentence says it all – going to take lots of communication between banks and regulators – reform is never easy, either tightening or loosening of expectations, and often fraught with confusion and extra stress: Read here

HyperWallet and Blackhawk both acquired in separate deals – big changes in prepaid: Read here

FinCEN on watching for human rights abuses: Read here

At SIFMA conference, new FDIC chair looks for opportunities for immediate impact: Read here

Chicago mulls its own privacy ordinance: Read here

Interesting article on mobile technology – as financial institutions know, there is a real struggle to adequately vet these emerging technologies: Read here 

To learn how to properly vet and conduct due diligence on all of your vendors, download our infographic.

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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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