What are the impacts from new Federal regulations on 3rd party suppliers?

In the past, third party suppliers to banks and mortgage servicers were to some degree insulated from the effects of regulations. With new guidelines from the CFPB, the OCC and the Fed, there will be a much higher level of scrutiny on banks and in direct consequence, the third party suppliers. In this video, industry expert Mike O'Connel discusses how these guidelines affect you as a vendor and what you can do to stay compliant.