Third-Party Service Provider

News & Analysis as of

Reinventing Compliance Program Metrics

One of many pet peeves I have in the compliance space is the lack of creativity in compliance program measurement. Chief Compliance Officers have to take a fresh approach to this issue....more

Student Privacy In Online Educational Services

The commercial use of data mined by providers of online educational services, such as Internet homework portals, digital grade books for teachers, and student e-mail programs, continues to be a hot topic on numerous fronts. ...more

New York’s DFS Reports on Third-Party Cyber Security

Why it matters - A new report released by New York’s Department of Financial Services (DFS) detailed the vulnerabilities found in the relationships that many financial institutions have with their third-party vendors....more

New York Regulator Finds Substantial Cyber Vulnerabilities in Banking System

Earlier this month, Benjamin Lawsky, Superintendent of Financial Services for the New York State Department of Financial Services (NYDFS), released a report finding “significant potential” vulnerabilities for cyber theft of...more

New York State Department of Financial Services Publishes Survey Results on Banking Industry Third-Party Service Providers and...

The New York State Department of Financial Services (NYDFS) recently published the results of its cybersecurity survey of more than 150 regulated small, medium, and large banking organizations. The survey asked for...more

Title Insurance Regulatory and Legislative Update - April 2015

Title Guaranty Fund Guidelines Adopted: The Title Insurance Task Force met at the NAIC Spring National Meeting in Phoenix, Arizona and adopted the “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund...more

Financial Statements Must Reflect Services Donated from Affiliates

As a way to conserve precious resources, not-for-profits often share or “pool” personnel/services such as accounting, legal, HR or payroll with a for-profit affiliate. This often occurs at no cost to the not-for-profit....more

Is Hosting Microsoft Products via Third Parties a Good Option?

Scott & Scott, LLP attorney, Christopher Barnett,, helps you answer whether hosting Microsoft products through third parties is a good option for your company....more

New York Department Of Financial Services Says Banks’ Security Oversight Of Vendors Is Inadequate

On April 9, 2015, the New York Department of Financial Services (“NYDFS”) issued a report entitled Update on Data Security in the Banking Sector: Third Party Service Providers (the “Report”). The Report details findings of a...more

NYDFS Cyber Security Report Shows Vulnerabilities in Banks’ Third-Party Vendors

On April 9, the NYDFS released a report finding potential cyber security vulnerabilities with banks’ third-party vendors, based on a survey of 40 banking organizations regarding the cyber security standards in place for their...more

Report Highlights Bank Vendor Cybersecurity Vulnerabilities

On April 9, the New York State Department of Financial Services (NYDFS) released a report on bank vendor cybersecurity that highlights the risk that hackers will use third-party service providers to gain access to bank data....more

Bridging the Week - April 2015 #2

IOSCO Seeks Views on Business Continuity and Recovery Planning by Trading Venues and Intermediaries; NYS Warns on Third-Party Service Providers - The International Organization of Securities Commissions issued two...more

New York Agency’s Report Focuses on Data Vulnerability of Banks’ Third-Party Vendors

The New York State Department of Financial Services (NYDFS) recently issued a report identifying common cybersecurity issues and concerns caused by the failure of some banks to sufficiently manage vulnerabilities posed by...more

Spotlight on Vendor Management: Interpreting CFPB Guidance and Enforcement Actions

In April 2012, the Consumer Protection Financial Bureau issued Bulletin 2012-03, a guidance document setting forth the CFPB’s high-level expectations related to the engagement of third party service providers by supervised...more

Selling Your Business: Virtual Data Rooms—Part III

You have decided to sell the company. You have engaged the investment banker and have started soliciting expressions of interest. The investment banker is ready to set up the virtual data room (VDR)—an efficient method of...more

Have You Checked Your Vendor Agreements Lately?

In April 2012, the CFPB released a bombshell on financial institutions – not only could they be held responsible for any violations of consumer protection laws, but now they could also be held responsible for the actions of...more

The Fifth Circuit Shifts the Risk of Doing Business with Fraudulent Enterprises to Trade Creditors

When a debtor pays the market cost for goods and services provided to it by third-party vendors, these payments normally cannot be recovered as fraudulent transfers in the U.S. That is because the debtor receives reasonably...more

Regulatory Blue Pencil: CFPB Guidance, Enforcement Actions Signal Expanding Focus on Vendor Management

In April 2012, the Consumer Protection Financial Bureau (the ‘‘CFPB’’ or ‘‘Bureau’’) issued Bulletin 2012-03 (the ‘‘Service Provider Bulletin’’), a guidance document setting forth the CFPB’s high-level expectations related to...more

Court Grants Summary Judgment to Plaintiff Class in Blast Fax Case, Awards More Than $22 Million in Statutory Damages

In September, we reported that a court in the District ofNew Jersey denied the defendants’ motion for summary judgment in a “fax blast” class action, concluding that the defendants could be directly liable under the TCPA for...more

Alert: WASC Senior Commission Issues New Guidelines on Third-Party Providers

The WASC Senior College and University Commission ("WSCUC" or "the Commission") has issued a revision of its policy on agreements between accredited institutions and unaccredited entities, such as service providers. ...more

Managing Your Third Parties in a FCPA Compliance Program

The building blocks of any Foreign Corrupt Practices Act (FCPA) anti-corruption compliance program lay the foundations for a best practices compliance program. For instance in the lifecycle management of third parties, most...more

You are What You Keep

Suffering a data breach is bad enough. As often as it appears to happen, companies that are affected by a breach still shoulder a considerable burden. Management must stop the trains to identify the cause and scope of the...more

FTC Reminds Schools When They Can Consent to Certain Online Activities By Students Under COPPA

Last week the Federal Trade Commission announced on its blog that it has updated its frequently asked questions (FAQs) about the interplay between schools and the Children’s Online Privacy Protection Act (COPPA). Although...more

Sometimes Networking Can Be Bad

When it comes to building a retirement plan practice, networking is an important component. Whether you are a financial advisor or a third party administrator or an auditor, placing an advertisement in the local newspaper or...more

Managing Risks in Vendor Relationships

For years, banks have relied on third party vendors to provide specialized products or services, or have used outsourcing as a way to reduce internal operating costs. In the wake of the financial crisis, however, regulators...more

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