Kevin J. Matta

Latest Articles

According to a report released last week by the New York Department of Financial Services (NYDFS), the financial industry has a long way to go in overseeing the cybersecurity capabilities of outside vendors who carry out critical banking functions. Last week’s report follows a year of activity on that front. In a May 2014 report, the NYDFS concluded—based on a survey of over 150 banks—that the financial industry’s increasing reliance on third-party vendors could create…
In recent years, the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have heightened their expectations of what constitutes a “comprehensive” branch self-inspection program. Firms that fail to meet these expectations might receive a visit — and disciplinary action — from either FINRA or the SEC’s Office of Compliance Inspections and Examinations (OCIE). To avoid regulatory intervention and discipline, firms should implement heightened branch inspection processes and procedures. To read the full…