Bank Agencies' 3rd-Party Risk Guidance: 6 Things To Know

Bank Agencies' 3rd-Party Risk Guidance: 6 Things To Know

June 16, 2023, Law360

On Tuesday, June 6, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. issued final interagency guidance on managing risks associated with third-party relationships.

These risks include a bank's outsourced services, use of independent consultants, referral arrangements, fintech partnerships, merchant payment processing services, services provided by affiliates and subsidiaries, and joint ventures.