News & Analysis as of

Office of the Comptroller of the Currency Vendors

Sheppard Mullin Richter & Hampton LLP

FDIC, FRB & OCC Issue Final Guidance on Risk Management for Third-Party Relationships

On June 6, the FDIC, FRB & OCC issued final interagency guidance intended to assist their respective supervised banking organizations in identifying and managing risks associated with third-party relationships and in...more

McGlinchey Stafford

Are Financial Institutions’ Consultants and Vendors Compromising Their Privileges?

McGlinchey Stafford on

A recent decision from the United States District Court for the Eastern District of Texas should trigger alarm bells for financial institutions’ in-house counsel. The court held that the bank involved had waived any privilege...more

Goodwin

FDIC Seeks Comment on Supervisory Approach to Examinations During Pandemic

Goodwin on

In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more

Mitratech Holdings, Inc

Why Is Vendor Management Software So Crucial For Financial Institutions?

Vendor management is a complex task, yet a necessary undertaking for any organization dealing with third parties.  ...more

Manatt, Phelps & Phillips, LLP

Third-Party Vendor Management Remains a Critical Issue for Banks

More than ever before, banks are relying on third-party vendors for important services such as marketing, underwriting assistance, technology, collections, settlement services and even outsourcing of product lines. These...more

Bradley Arant Boult Cummings LLP

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...more

BCLP

Reviewing Third Party Vendor Service Contracts, a Seven Part Guide

BCLP on

Managing third party vendor relationships has always been an important function in banks. More recently it has become a hot topic for state and federal financial bank regulators. The increasing complexity of what vendors are...more

Bradley Arant Boult Cummings LLP

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...more

K&L Gates LLP

Seller Beware: Lessons Learned from 2015 Deceptive Advertising Enforcement in the Consumer Finance Space

K&L Gates LLP on

Federal regulators took a close look at advertisements for consumer financial products and services in 2015, bringing over 25 enforcement actions totaling over $975 million in penalties and consumer redress. In the majority...more

Bradley Arant Boult Cummings LLP

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...more

Troutman Pepper

The New Normal: Taking Responsibility for Your Vendors

Troutman Pepper on

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....more

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