In a regulatory field already crowded with federal and state regulators mandating the processes financial services companies employ in managing their vendors, the rather short insertion in the Spring 2017 issue of the Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights may initially have sailed largely under the collective industry radar. Recently, however, trade publications have
10 Questions to Ask your Law Firm Vendor Management Program (Part 2)
We previously provided you five questions to determine whether your law firm vendor management program is sufficiently comprehensive. Given the attention drawn to such programs by regulators such as Office of Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), it should be no surprise that these five questions are just a
10 Questions to Ask your Law Firm Vendor Management Program (Part 1)
Law firms providing mortgage servicer clients default-related legal services are vendors, and financial services companies need to treat them as such. Not only that, law firms often interact directly and continuously with borrowers during the most sensitive periods of the lending relationship: foreclosure, bankruptcy, and eviction. As such, it should come as little surprise that
Third Party Service Providers Remain in the Spotlight
Yesterday, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (the “Semiannual Risk Perspective”). The Semiannual Risk Perspective covers “key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.” While the OCC identifies four main