Empty threats are rarely a good idea—and sometimes they are straight-up illegal. That’s the lesson $73 billion-asset Navy Federal Credit Union is learning after the CFPB forced it to pay members $23 million in redress and a $5.5 civil money penalty for making “false threats about debt collection.” The largest credit union in the country […]
Either Wells Fargo didn’t have strong enough account opening and management policies and procedures in place or there wasn’t a strong enough system to ensure policies and procedures were followed—or both.
You believe your institution is prepared for a disaster—but are your vendors? Precautions against fourth party risk for both vendor management as well as business continuity planning. If you’re dependent on a third-party vendor that can’t quickly recover from a disaster, there’s a major gap in your own business continuity plan. Unfortunately, not every institution […]
Banks think of spreadsheets as an inexpensive way to track all kinds of activities—but it’s often an expensive mistake in the making. Just ask Goldman Sachs. The investment bank and another firm recently settled a lawsuit for $30 million—and it all started with a spreadsheet error, The Wall Street Journal reports. Goldman Sachs was handling […]
In 2015, we wrote about best practices in vendor management, new regulatory mandates, and increasing cyber-ransom attacks on financial institutions. As 2016 kicks into gear, it’s apparent more sophisticated vendor risk management procedures are a must-have. Here are a few key reasons: The FFIEC holds your entire organization and Board responsible for third-party IT provider cybersecurity […]