News Topic: Vendor management

The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions. ... Read full article

Some contracts are not "adequately" defining which party — the bank or the vendor — is responsible for managing risks, the agency said. ... Read full article

A security breach that left 24 million mortgage documents unprotected on a server is rekindling concerns about the risks posed by fourth parties. ... Read full article

As major vendors consolidate, financial institutions should be looking to adopt emerging technologies, rather than relying solely on legacy firms to provide services. ... Read full article

More acquainted with the quick decision-making style of the banking world, the comptroller of the currency found a policymaking environment in D.C. that moves at a slower pace. ... Read full article

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks. ... Read full article

In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator. ... Read full article

A community bank in Pennsylvania made up its own holiday of sorts — including a product demonstration and a 1982 DeLorean reminiscent of "Back to the Future" — to encourage bank customers to try out new fintech features. ... Read full article

Small banks and credit unions say slow responses and outdated products from the establishment tech vendor can become a drag on their innovation efforts. ... Read full article

Legacy tech vendors have traditionally offered decadelong contracts. But given constant change in the industry, small banks today should push for three-year deals, a bank CEO says. ... Read full article

Small banks are being warned to slow down mobile tool development and check vendor arrangements, as researchers repeatedly find vulnerabilities that can be exploited by cybercriminals. ... Read full article

Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms. ... Read full article

The Golden Contract Coalition, formed in mid-2016 to get community banks better deals with the “big three” core systems vendors, said banks need help with buying from fintech sellers as well. ... Read full article

The European core systems vendor has been making inroads into the U.S. market in recent years. ... Read full article

TruSight will assess, validate and monitor vendors on behalf of the consortium, which is expected to expand. ... Read full article

Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more. ... Read full article

A jumble of security vendors and lack of cohesive planning weaken many banks’ cybersecurity defenses, experts say. ... Read full article

Barclays, Goldman Sachs, HSBC and Morgan Stanley are backing a shared vendor risk management platform. The tough part will be agreeing on a final product. ... Read full article