Federal banking regulators issued a proposal to replace existing third-party risk management guidance with guidance focused on tailoring risk-management practices to the level of risk involved.
Background: The FDIC, OCC, and Federal Reserve in 2023 published Interagency Guidance on Third-Party Relationships: Risk Management. The regulators said any finalized guidance would replace the 2023 guidance and certain third-party risk management resources.
Input: Comments on the proposed guidance are due 60 days after publication in the Federal Register. ICBA plans to provide input on behalf of community banks.