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#2227535 - 12/17/19 03:55 PM Part 419
WABComply Offline
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New proposed changes to Part 419 - NY Servicing Regulation, was issued in late April and there was supposed to be a 60 day comment period. I located an article on how the changes will affect a Bank posted in June. Does anyone know if they changes have been finalized? I cannot find anything regarding. Let me know. Thank you.

https://www.jdsupra.com/legalnews/new-rules-on-the-horizon-nydfs-proposes-95271/

Link to Article.

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#2227660 - 12/18/19 04:45 PM Re: Part 419 WABComply
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I am subscribed to any updates from DFS and the link below came to me in an email on 10/31/19

This is all that I have seen to date, and truthfully have not had the time to review in detail.

https://www.dfs.ny.gov/system/files/documents/2019/04/part-419-text_1.pdf
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#2227755 - 12/19/19 12:50 PM Re: Part 419 WABComply
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#2255674 - 06/21/21 05:25 PM Re: Part 419 WABComply
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Rather than start a new thread, I'm tacking on to this one. Part 419.11(e) states that we have to conduct periodic vendor reviews not less than once per year, and the review needs to cover six components under 419.11(e). as well as have our vendor oversight programs performed by independent risk management personnel. It can create such a group or hire an independent vendor, such as outside counsel, to perform the necessary work.

In your opinion, would "independent risk management personnel" include the Internal Audit department's staff? It seems to me that we really shouldn't have to hire this service out with an internal audit department capable of conducting these reviews.

Thoughts?

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#2255690 - 06/21/21 07:05 PM Re: Part 419 WABComply
ItsJustMe Offline
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Bump

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#2255691 - 06/21/21 07:17 PM Re: Part 419 WABComply
rlcarey Online
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Bumping after an hour in a State specific forum is not probably going to generate very many more views. I am unsure how many NY participants we even have in the threads and of those individuals, who is even familiar with Part 419..
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#2255693 - 06/21/21 07:42 PM Re: Part 419 WABComply
ItsJustMe Offline
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Okay... thanks

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#2255705 - 06/22/21 01:28 PM Re: Part 419 WABComply
edAudit Offline
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Based upon my opinion only.

https://www.dfs.ny.gov/system/files/documents/2019/12/bf419text_0.pdf

419.11 deals with oversite. Having IA conducting this part of this would put them as part of the process (not a good thing)..

If Audit is part of the process for this it may also jeopardize IA independence in part of the Vendor Management review.

I would recommend someone else conducting the review and have IA review it as part of the Vendor management review.

Vendor management IA review is an examiner expectation in NY.

Once again just an opinion.
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#2255793 - 06/23/21 04:06 PM Re: Part 419 edAudit
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