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 multi-agency (FDIC, Federal Reserve, NCUA, OCC) consultation requesting comment on proposed guidance to replace existing third-party risk management rules. The update directly addresses supervisory expectations for managing third-party relationships and core service provider engagement. While non-binding, the guidance reflects supervisory experience and will inform future examination practices. The 60-day comment deadline and stated intent to rescind and replace existing guidance signal material regulatory change affecting a broad set of depository institutions. The companion guidance for community banks and separate statement on core provider engagement indicate tiered implementation considerations.
AI-generated classification rationale, not a full analysis. Verify with the original OCC source before acting. Full disclaimer.
What the OCC said
Today the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the agencies) requested comment on proposed guidance to assist financial institutions with managing risks associated with third-party…
Extract from OCC . Read the full notice at the source for the authoritative text.
Context
Office of the Comptroller of the Currency (OCC) — Charters and supervises US national banks and federal savings associations. We track 49 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, Technology & Cyber and Banking & Credit.