The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) announced today that they are extending the comment period for proposed guidance regarding the management of risks associated with third-party relationships.
The extended deadline for submitting comments is December 16. Originally, comments were due on November 16.
The proposed guidance is intended to assist banks and credit unions in tailoring their risk management practices to the specific risks associated with individual third-party relationships. It reflects supervisory experience and lessons learned from examining these practices. The guidance takes a principles-based approach and is non-binding.
When finalized, the federal bank regulatory agencies plan to rescind existing third-party risk management guidance and replace it with the new finalized guidance to promote consistency and prudent innovation in the banking industry. The NCUA also plans to rescind its existing third-party risk management guidance and will conduct its own reviews to update related guidance as needed.
In a separate announcement, the Federal Reserve Board stated that it will also extend the comment period on a proposed third-party risk management guide specifically for Federal Reserve-supervised traditional community banks until December 16.
