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Staying On Top of Vendor Risk Management News: Week of September 17

Sep 21, 2018 by Branan Cooper

Summer is officially over, and the leaves are changing for fall. But the leaves aren't the only thing changing right now - more and more fintechs are moving to Atlanta and making it their home, NY wants to put an end to the OCC fintech charter, new laws on data breach notifications, regulatory changes and more. Read the stories below.

Industry News for the Week of September 17

No surprise to me, having lived there and visiting industry leaders like InComm and TSYS many times, Atlanta area handles over 70% of nations payment volume:

Peachtree fintech

The Atlanta area has become a fintech hub, with companies in the area processing 70 percent of all U.S. payments.

To address potential talent shortage in what's called "Transaction Alley," the Georgia Fintech Academy has been formed to train University System of Georgia students to work with cloud, open source and other emerging technology with a focus on payment processing systems.

The payment processing industry employs about 40,000 people in Georgia, according to PC World.

‘Fintech Charter’ Has No Early Takers as Lawsuit Looms
The Wall Street Journal | Wed September 12, 2018 - The lack of immediate interest from the likes of LendingClub Corp. LC, Square Inc., and others comes in large part from uncertainty about what activities the Office of the Comptroller of the Currency’s so-called fintech charter will allow, what regulatory requirements it will carry, and whether it will hold up in court. That uncertainty grew Wednesday when the Conference of State Bank Supervisors, a group of state regulators, said it intends to file a lawsuit challenging the OCC’s authority, renewing a previously unsuccessfully legal challenge.

How Dodd-Frank has played out - Ballard Spahr quoted in here as well, along with third party collections: Read here

NY files to stop OCC fintech charter – actually, this is their second attempt to sue to stop: Read here

Fed wants its say on fintech charter: Read here

2018 Technology Survey: Enhancing Board Know-How... survey says: Read here

Reputation risk is real: Read here

Possibly a new law on breach notification requirements: Read here

Cybersecurity in the State Department: Read here

Board governance best practices: Read here

KPMG says most companies are not yet automating compliance: Read here

Regulatory change from MBA perspective: Read here

Comptroller Otting defends the OCC FinTech charter: Read here

The meaning of supervisory guidance: Read here

Your vendor risk management program, policy and procedure documents should change as the regulatory guidance. Download our eBook now so that you can update yours accordingly.

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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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