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Federal Banking Agencies Issue Final Guidance on Third-Party Risk Management: Six Things to Know

Alert June 12, 2023

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  • Federal Banking Agencies Issue Final Guidance on Third-Party Risk Management: Six Things to Know

Federal Banking Agencies Issue Final Guidance on Third-Party Risk Management: Six Things to Know

June 12, 2023, Covington Alert

On Tuesday, June 6, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”), Office of the Comptroller of the Currency (“OCC”), and Federal Deposit Insurance Corporation (“FDIC” and, collectively, the “Agencies”) issued final interagency guidance on managing risks associated with third-party relationships such as 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 (the “Final Guidance”).

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