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Staying On Top of Vendor Risk Management News: Week of October 22

Oct 26, 2018 by Branan Cooper

This was an eventful news week in the world of regulatory risk. On our headlines, I’ve captured only two of the fines that were levied this week, but there were several others of smaller note. In addition, there are some really big stories on other issues as well. Read below.

Industry News for the Week of October 22

Is the attempt to define Abusive much ado about nothing? Read here and here

Industry collaboration: Read here

New FDIC FIL on cybersecurity: Read here

NCUA exams focus on cybersecurity: Read here

Treasury action could chill banks’ suspicious activity reporting: Read here

Odd that the CFPB has not made these complaints public: Read here

The basics of risk management: Read here

FATF asks for regulation over cryptocurrencies:

Regulator alters rules to cover virtual currency firms

The Financial Action Task Force (FATF), the Paris-based body that sets standards for anti-money laundering and counter-terrorism financing rules, has announced it is now to cover firms involved in virtual currencies, including exchanges, wallet providers, and the providers of financial services for initial coin offerings. The FATF said such firms should be licensed or registered and subject to monitoring by regulators. “There is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism,” the FATF said.
Wall Street Journal

Lessons learned about the use of social media: Read here

OCC hits Capital One with $100 million enforcement action – nothing really third party related, tied to deficiencies in BSA / AML program: Read here

Analysis of CFPB complaints by state – the largest ones aren’t surprising but the per capita numbers are: Read here

FDIC chair expresses concern over risks posed by mortgage servicers: Read here

FDIC joins earlier actions by other regulators to set up FinTech office to assist banks: Read here

The Yahoo breach fines keep on rolling in – this one $85 million: Read here 

Tim Cook (full disclosure, fellow Duke grad but I don’t know him) pushes for US version of GDPR: Read here 

Cloud vendors and SOC: Read here

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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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