- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-03-17T14:37:00
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management (TPRM), according to Fed Governor Michelle Bowman.
Bowman made the remark in a speech at an Independent Community Bankers of America conference Tuesday. She said the potential guidance would “be an important step in supporting innovation built on third-party partnerships.”
“Third-party partnerships designed to bring innovation into a bank can also create risk management and due diligence challenges, particularly with respect to identifying the risks that a third-party partner may pose and to managing these risks,” she said.
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U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
