ICBA and other groups requested 30-day extensions on proposed revisions to regulatory guidance on third-party risk management.
Request: The groups requested the extension for federal banking regulators' Interagency Third-Party Risk Management Guidance and the Federal Reserve's Proposed Third-Party Risk Management Guidance for Community Bank Organizations. Comments are currently due Nov. 16.
Details: In a joint letter, ICBA and the other groups said:
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The proposals contain helpful elements, such as a more focused scope and an emphasis on risk-based tailoring.
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Initial feedback from bankers included observations that warrant additional discussion and analysis on topics such as due diligence, contracting, cybersecurity, resilience, privacy, and compliance.
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Because comments on the proposals are due on the same day, an extension would help the associations and their members fully consider how the two proposals would interact and whether they would operate as intended.
Background: The agency proposals would tailor risk-management practices to the level of risk involved. The regulators said any finalized guidance would replace the 2023 Interagency Guidance on Third-Party Relationships: Risk Management and certain third-party risk management resources.