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The Federal Reserve Board, FDIC and OCC extended the comment period for proposed risk management guidance concerning third-party relationships of banking organizations from September 17, 2021, to October 18, 2021.
As previously covered, the proposed guidance would provide banking organizations with a suggested framework for the development of third-party relationship risk management practices, and identify applicable principles for each stage in the life cycle of a third-party relationship.
The proposal is intended to promote consistency across the banking agencies, as it would replace each agency's independently released guidance and be directed to all supervised banking organizations.
Primary Sources
- FRB Press Release: Agencies Extend Comment Period on Proposed Risk Management Guidance for Third-Party Relationships
- OCC Press Release: Agencies Extend Comment Period on Proposed Risk Management Guidance for Third-Party Relationships
- FDIC Press Release: Agencies Extend Comment Period on Proposed Risk Management Guidance for Third-Party Relationships
- FIL-62-2021: Extension of Comment Period for Proposed Interagency Guidance on Third-Party Relationships - Risk Management
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