Agencies seek comment on proposed third-party risk management guidance and issue statement on community bank engagement with core service providers
Why this matters
This is a joint consultation by four federal banking regulators (Federal Reserve, FDIC, OCC, NCUA) on proposed third-party risk management guidance. The update signals a material shift in supervisory approach—moving to principles-based guidance and rescinding prior guidance. The 60-day comment period and companion guidance for community banks indicate broad applicability. While non-binding, supervisory guidance carries significant practical weight for compliance and examination. The separate statement on core service providers adds enforcement signal. This warrants high urgency due to the consultation deadline and broad industry impact.
AI-generated classification rationale, not a full analysis. Verify with the original Federal Reserve source before acting. Full disclaimer.
What the Federal Reserve said
Agencies seek comment on proposed third-party risk management guidance and issue statement on community bank engagement with core service providers
Published by Federal Reserve . Read the full notice at the source for the authoritative text.
Context
Board of Governors of the Federal Reserve System (Federal Reserve) — The US central bank and supervisor of bank holding companies and state member banks. We track 65 updates from them.
US financial regulation is overseen by multiple agencies including the SEC, CFTC, Federal Reserve, OCC and FDIC. Browse all United States updates.
This update is classified under Operational Resilience / Outsourcing, Prudential / Capital Requirements and Banking & Credit.