I hope everyone had an enjoyable Memorial Day Weekend! We figured you were out enjoying warm weather with friends and family, barbecuing or taking a dip in the pool, so we put together some of the most important stories in vendor risk management news that you might've missed.
Headlines include: bank stocks are up significantly with the Dodd Frank reform measure passed, breach and GDPR fears cause concern, online retailers need to focus on security, Colorado raises the bar on cybersecurity and notification requirements, SEC to hold its first Advisory Committee meeting held outside Washington, D.C. - to be held in Atlanta instead - and more.
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Industry News for the Week of May 28
OCC risk perspective summarized:
- Competition for quality loans is strong, as examiners note evidence of eased underwriting. The accommodating credit environment warrants a continued focus on underwriting practices to monitor and assess credit risk and lender complacency.
- Operational risk is elevated as banks adapt business models, transform technology and operating processes, and respond to evolving cyber threats.
- Compliance risk is elevated as banks manage money laundering risks and implement changes to policies and procedures to comply with amended Bank Secrecy Act and consumer protection requirements.
- The continued increase in market interest rates may eventually lead to higher funding costs for banks, as economic growth increases loan demand and competition for funding pressures banks to raise deposit yields
The prospects for the proposed FinTech charter grow much murkier with comments made by the new Comptroller: Read here
Mulvaney says CFPB database may be restructured to prevent reputation risk harm from those complaints that cannot be verified (a longstanding sore subject with the financial services community): Read here
Ballard Spahr analysis of additional Mulvaney commentary: Read here
Bank stocks are up significantly with the Dodd Frank reform measure passed, but as you’ve heard on our Thought Leadership interviews, none of this directly provides relief in the third party risk management space: Read here
Breach and GDPR fears cause concern: Read here
Online retailers need to focus on security: Read here
Colorado raises the bar on cybersecurity and notification requirements: Read here
SEC to hold its first Advisory Committee meeting held outside Washington, D.C. - to be held in Atlanta instead: Read here
Regulators’ news: Read here
Did you know? Vendor risk management is an SEC exam priority for 2018. Make sure you've made the necessary preparations - download our helpful eBook to make the prep a little less stressful.