With Hurricane Florence rolling through the U.S. this week, we're reminded to check in on ours and our vendor's disaster recovery plans. From everyone here at Venminder, we hope you're all staying safe!
Read below for an update on Wells Fargo, fintechs, the OCC, the CFPB and a helpful article on hurricane preparedness for the week of September 10, 2018.
Industry News for the Week of September 10
Are fintechs a systemic risk? (my educated opinion is no): Read here
Wells Fargo fraud probe widened: WSJ
The Justice Department has widened a probe into potentially fraudulent behavior at Wells Fargo’s wholesale unit, according to The Wall Street Journal. Citing anonymous people, the newspaper said the government is trying to learn if management pressure led employees there to improperly alter corporate customer information to meet regulatory deadlines.
- Wells Fargo’s problems have metastasized since the discovery in 2016 of rampant sales practice abuses, with federal and state probes targeting almost every unit at the bank. Read more here
Interim Final Rule from the OCC on the expanded exam cycle from 12 months to 18 months for certain well managed institutions: Read here
FTC enforcement to focus on fintech lenders: Read here
New OCC charter – but it’s not under the new fintech charter as a Special Purpose National Bank, just a “regular” National Bank: Read here
And the new OCC charter may have played a role in why Square changed its mind: Read here
As expected, state regulators mount the challenge to the OCC charter: Read here
The important traits that successful bank boards share: Read here
Is it time for uniform standards on data breaches? Read here
Not surprising but a great reminder of the role of third parties – British Airways identifies third party as cause of the recent hack: Read here
CFTC to hold regtech forum in Washington (and available by LiveStream): Read here
The importance of GRC: Read here
GAO on the Equifax hack: Read here
Credit Unions trying to revive Glass-Steagall (this was the prior governing regulation that kept investment banks from traditional commercial banking activities): Read here
Joint statement on the role of supervisory guidance: Read here
American Banker on hurricane preparedness: Read here
Disaster recovery, a subset of business continuity, deals with the immediate response to a business impacting event and encompasses all disaster types - like Hurricane Florence. Are your vendors prepared for when/if such a disaster should strike? Download our infographic now to learn how and why disaster recovery extends to your third parties, and how verifying their approach helps you minimize risk.