Examiners at the Consumer Financial Protection Bureau and the OCC remain intensely focused on incentive compensation and sales practices, particularly at banks with more than $20 billion in assets, according to senior officials speaking at ABA’s Government Relations Summit this morning.
Browsing: Third-party risk
In a comment letter to the Consumer Financial Protection Bureau today, ABA offered several recommendations for protecting consumers’ financial information when it is being voluntarily shared with third party data aggregators.
Few banks’ contracts with technology service providers (TSPs) provide sufficient detail about the providers’ business continuity and incident response capabilities and duties, according to a report issued today by the FDIC’s independent inspector general.
In the wake of the scandal over fake accounts created at Wells Fargo, the OCC has added a strong emphasis on governance of sales practices to its risk supervision for large banks, according to the agency’s Semiannual Risk Perspective released today.
Mortgage servicing, fair lending, vendor risk management and sales practices are among top priorities, according to ABA experts.
Managing vendor compliance requires careful planning, ongoing oversight.
Consumer Financial Protection Bureau Director Richard Cordray today acknowledged that there are many unanswered questions about the security and technology of allowing consumers to provide third parties access to their personal financial data.
The Consumer Financial Protection Bureau is today launching a formal inquiry into obstacles consumers face in accessing and sharing with third parties personal financial records held by banks and other institutions.
The Consumer Financial Protection Bureau today issued an update to its guidance on risk management for third-party service providers.