The New Normal: Taking Responsibility for Your Vendors

more+
less-
As financial institutions continue to strive for reduced costs and greater efficiencies, they are increasingly turning to third-party vendors to handle a wide variety of tasks, from marketing and sales to payment processing. As several recent enforcement actions show, however, these vendor relationships are fraught with danger if banks and other financial institutions do not actively audit the performance of their vendors, and otherwise institute processes to help detect and deter any potential violations of consumer protection laws, See more +
As financial institutions continue to strive for reduced costs and greater efficiencies, they are increasingly turning to third-party vendors to handle a wide variety of tasks, from marketing and sales to payment processing. As several recent enforcement actions show, however, these vendor relationships are fraught with danger if banks and other financial institutions do not actively audit the performance of their vendors, and otherwise institute processes to help detect and deter any potential violations of consumer protection laws, including adequate representations and warranties in contracts with vendors.

Join the experienced practitioners of Pepper Hamilton LLP and Charles River Associates for a webinar examining third-party vendor relationships in the financial services industry, and what you need to do now to reduce the risk from third-party vendor relationships. Our presenters will review:

- developing and documenting third-party monitoring compliance programs

- common pitfalls and red flags in analyzing results from third-party vendor audits

- the latest guidance from the Federal Deposit Insurance Corporation and the Consumer Finance Protection Bureau on how financial institutions must manage their vendor relationships

- lessons learned from recent CFPB, FDIC and Financial Crimes Enforcement Network

actions against several institutions, including Capital One, Discover Bank, American Express and First Bank of Delaware

- action steps your institution should take now to reduce your exposure to enforcement actions and reputational damage.

Our presenters are experienced advisors to financial institutions on consumer protection issues:

Richard P. Eckman, chairman, Financial Services Practice Group, Pepper Hamilton LLP

Jeffrey G. Matthews, vice president, Financial Accounting & Valuation Practice, Charles River Associates See less -

Embed Video

Copy

Topics:  CFPB, Compliance, Data Breach, Enforcement Actions, FDIC, OCC, Penalties, Third-Party Liability, Vendors

Published In: Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Pepper Hamilton LLP | Attorney Advertising

Other Videos by Pepper Hamilton LLP