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Staying On Top of Vendor Risk Management News: Week of November 26

Nov 30, 2018 by Branan Cooper

At first glance, it looks like a sparse news week, but then when you look more closely, there’s a lot here – Deputy Fed Chair Quarles taking over a global regulatory function, a major UDAAP action, FFIEC clarifying exam standards and the CFPB quarterly report. I was at a conference with PRMIA this week in DC where they spent a lot of time talking about nearly every one of these items – great to hear directly from current and former regulatory officials. Read for more details on each below. 

Industry News for the Week of November 26

CFPB Quarterly Report: Read here

Fed Deputy Director Quarles to take over global Financial Stability Board: Read here

The financial services industry has enjoyed acting director Mulvaney’s first year at CFPB: Read here

Ellie Mae and AWS (one of the most popular / widest used cloud web storage companies): Read here

CFPB and Santander settle UDAAP claim for add on products in $11.8 million fine: Read here

Senate Banking Committee ranking member blasts CFPB director: Read here

MoneyGram enforcement action: Read here

FFIEC update on Examination Moderation Project

The Federal Financial Institutions Examination Council (FFIEC) has provided a second update on its Examination Modernization Project. The project identifies and assesses ways to improve the effectiveness, efficiency, and quality of community financial institutions' safety and soundness examination processes, particularly through increased use of technology. The project is a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act. FFIEC members with safety and soundness examination responsibilities expect these efforts to help reduce unnecessary regulatory burden on community financial institutions

Further analysis of the Societe Generale enforcement fine: Read here 

Ensure your know the basics about UDAAP and add clarity to how it relates to your vendors. Download our infographic 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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