Three federal banking regulators are seeking public input on updated risk management guidance for financial institutions entering into business relationships with third parties.
The proposed guidance, issued Tuesday by the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), is the first comprehensive advice from the regulators on handling third-party relationships since 2013. However, last year, the OCC issued a Q&A on banks’ relationships with third parties.
