Staying On Top of Vendor Risk Management News: Week of September 10

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

Summer edition of CFPB highlights: Read here and 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.