The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and other agencies are seeking comments on proposed guidance for managing third-party risks and have issued a statement on community banks' engagement with core service providers.
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the agencies) are requesting comment on proposed interagency guidance designed to help financial institutions manage risks associated with third-party relationships. In addition, the agencies are issuing a statement on community bank use of core processors. The Board of Governors of the Federal Reserve System is also separately requesting comment on a companion document to the proposed interagency guidance, which is tailored to the community banking organizations it supervises.
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