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Staying On Top of Vendor Risk Management News: Week of October 29

Nov 2, 2018 by Branan Cooper

There has been lots of news this week – none bigger than the announcement that the FTC is going to open its complaints database to the public, much as the CFPB has done. That is not just big news, it’s huge news, as now Branan can easily see FTC flexing its UDAP authority under Section 5 of the FTC Act and partner with the CFPB and its broader UDAAP authority…an unholy alliance on joint enforcement actions. Other article highlights include: States challenge the OCC fintech charter and a very  personal op-ed piece by the new head of the FDIC. Read below.

Industry News for the Week of October 29

FTC on the injuries caused by cyber incidents: Read here 

FTC opens its complaint database to the public much like CFPB: Read here 

States jump in to try to stop OCC FinTech charter: Read here

CFPB backs off of payday lender and military lending enforcement actions – American Banker: Read here

The California Privacy act explained: Read here

$30 billion in penalties and a quiet halt to branch expansion – how JP Morgan Chase endured the past decade: Read here

Terrific summary (albeit lengthy) on where the major regulators stand on FinTech and innovation: Read here

A very frank op-ed on the underbanked by the new head of FDIC: Read here 

SoFi, FTC and UDAP: Read here

Fed overhauls large bank surpervision plans: Read here

Pretty stunning – the IRS is failing to maintain an effective BSA program: 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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