Federal Agencies Overhaul Bank Partner Rules to Drive Innovation
Four federal agencies are seeking comment on proposed guidance to help financial institutions manage risk associated with third-party relationships. The proposed third-party risk management guidance and the request for comment were announced Friday (Sept. 11) in a joint release issued by the Federal Deposit Insurance Corp., the Federal Reserve Board, the National Credit Union Administration […]…
The Federal Deposit Insurance Corp., Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency have announced a joint effort to overhaul bank partner rules in order to promote innovation. The proposed third-party risk management guidance aims to help financial institutions better manage risks associated with third-party relationships, and when finalized, will replace existing federal bank regulatory agency guidance.
The agencies will accept comments on the proposed guidance for 60 days after its publication in the Federal Register. The proposed guidance seeks to tailor third-party risk management to actual risk, provide greater clarity regarding supervision and enforcement of core service providers, move away from overly broad approaches, and encourage responsible innovation.
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