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Best Practices in Banking Vendor Management

By Scott Sargent

For the past several years, federal regulators have targeted vendor management risk as one of their top regulatory priorities. The growing reliance on third-party service providers is only increasing the need and demand for effective vendor management programs.  On April 2, the FDIC reminded the banks under its supervision that it expects them to comply with the guidance previously issued.[1]

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Regtech Pioneer Believes Adaption Is Accelerating

By Justin Dullum

Jo Ann Barefoot has been doing a lot of globetrotting lately. Since being named the first female Deputy Comptroller of the Currency in 1978, Barefoot launched a career in the private sector and describes herself as a “serial entrepreneur.” She is currently CEO of Barefoot Innovation Group, something of a think tank for financial technology, regulatory reform and the future of banking. She is a co-founder of Hummingbird Regtech (industry shorthand for regulation technology), and is a senior fellow emerita at Harvard University’s John F. Kennedy School of Government’s Center for Business & Government.

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Bots Can Boost Banks’ Efficiency — But Watch for Pitfalls

Robotic process automation offers many benefits for financial institutions, but you need to prepare before you jump in.

By Jason Chorlins and Roberto Valdez

Robotic process automation (RPA) is quickly being adopted in the banking industry, trickling down from the biggest players to community banks and online-only startups whose customers may not have traditional accounts. Before you dive in, gain a better understanding of the many ways bots are being used in banking, the future potential, and the implementation considerations you shouldn’t overlook.

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Has Your Organization Spent Enough Time Focused on Your Customer Tax Reporting Requirements?

By Tara Ferris, Justin O’Brien and Paul Frasco

The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.

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Does the HMDA’s Database Need More Transparency?

After gathering a sample of more than 1.7 million mortgage applicants from 2016 who were either approved for denied for a mortgage, the Clever Real Estate research team discovered something unsettling: 26 percent of African-American applicants were denied mortgages, compared to 10 percent of white applicants. Even when controlling for income, the researchers believe that racial discrepancies still exist.

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