BANKING AGENCIES RELEASE INTERAGENCY GUIDANCE ON THIRDPARTY RELATIONSHIPS: RISK MANAGEMENT

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued guidance on managing risks associated with third-party relationships on June 6, 2023. The new guidance replaces prior guidance by the banking agencies on thirdparty relationships identified in the release. The agencies describe the guidance as a broad, principles-based approach in response to comments on the prior draft guidance released in July of 2021 requesting that the guidance address specific topics or types of relationships. Read More