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.
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.