Risk & Compliance Roundup: April Regulatory Brief, Consumer Compliance, Vendor Risk
- April 12, 2024
- Quantivate
Welcome to your weekly roundup of risk and compliance management resources, brought to you by Ncontracts.
This edition covers topics including:
- Regulatory news and updates for April
- Top consumer compliance issues, according to the FDIC
- Vendor risk management tips
New This Week from the Nsight Blog
April 2024 Regulatory Brief: Junk Fees, AI Regulation, and Supervisory Highlights
Explore the latest compliance news and analysis from Ncontracts’ team of regulatory experts. This month’s overview covers:
- The CFPB taking aim at “junk fees,” including credit card late fees and mortgage closing fees
- Consumer protection legislation on artificial intelligence
- Community Reinvestment Act (CRA) effective dates
- FDIC Spring Supervisory Highlights
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FDIC Shares Most Common Compliance Violations and Findings
The FDIC’s annual Consumer Compliance Supervisory Highlights pinpoint problem areas examiners encountered during the previous year. The agency’s 2024 report found some common themes, including third-party mistakes and misrepresentation, fair lending miscues, and overcharging consumers on banking fees. Learn more about takeaways from the report and compliance pitfalls to avoid.
Top Picks from the Archive: Vendor Risk Management Insights
Discover some of our most popular articles on vendor and third-party risk management.
First, Second, Third, Fourth, and Fifth Parties: How to Measure the Tiers of Risk
The importance of vendor risk management extends beyond your third-party service providers or even their vendors (fourth parties). Explore considerations for managing other sources of risk across your institution, including second parties (your customers or members), fifth parties, and beyond.
TPRM 101: Top Third-Party Vendor Risks for Financial Institutions
Get a rundown of the biggest third-party risks facing banks, credit unions, and other financial institutions. Explore 10 different risk types — from operational risk to compliance risk, cyber risk, and more — along with suggestions on specific areas to review in each category.
Vendor Due Diligence for Banks
Due diligence is a regulatory requirement for banks, but its benefits go beyond compliance — it also helps minimize risk exposure and support healthy vendor relationships. Make sure your bank’s processes are up to the task by considering criteria for evaluating third parties, plus tips to make due diligence easier.