Vendor management

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.

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.

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

Industry experts are recommending that credit union executives start off 2018 by reexamining vendor contracts.

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

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.

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

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.

Readers weigh in on chatbots, Amazon’s physical footprint expansion plans, alternative credit data and more.

The message to banks is loud and clear: A vendor’s mistake is your mistake. You can outsource a function, but not the responsibility for mishaps.