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Financial Institution Letter |
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Proposed Interagency Guidance on Third-Party Relationships: Risk Management |
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Summary
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are seeking comment on proposed guidance on managing risks associated with third-party relationships. The proposed guidance offers a framework of sound risk management principles to assist banking organizations in managing third-party relationships, and promotes compliance with all applicable laws and regulations, including those related to consumer protection. The proposed guidance takes into account the level of risk, complexity, and size of the banking organization and the nature of the third-party relationship. The proposed guidance would replace each agency’s existing guidance on this topic and would be directed to all banking organizations supervised by the agencies.
A copy of the proposed interagency Guidance can be found on the FDIC’s website.
Statement of Applicability to Institutions Under $1 Billion in Total Assets
This Financial Institution Letter applies to all FDIC-supervised institutions.
Distribution
FDIC-Supervised Institutions
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