Third-Party Risk Management: Proposed Guidance and Request for Comment; Extension of Comment Period

Summary

The Office of the Comptroller of the Currency, in coordination with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), today announced that it will extend, until December 16, the comment period for proposed guidance on managing risks associated with third-party relationships. Comments on the proposal were originally due November 16.

The proposed guidance reflects the agencies’ supervisory experience and lessons learned from examining financial institutions’ third-party risk management practices. It is intended to help national banks, federal savings associations, and federal branches and agencies tailor their risk management practices to the risks associated with individual third-party relationships. The proposed guidance takes a principles-based approach and, like all supervisory guidance, is non-binding.

When finalized, the agencies plan to rescind existing third-party risk management guidance and replace it with the finalized guidance to promote consistency and prudent innovation in the banking industry.

Further Information

Please contact Graham Bannon, Counsel, Chief Counsel’s Office at (202) 649-5490.

Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel

Related Links

• Proposed Third-Party Risk Management Guidance; Extension of Comment Period (PDF)
• Proposed Third-Party Risk Management Guidance (PDF)