
On June 6, 2023, in an effort to promote consistency and clarity across the bank regulatory landscape, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (together, the “Agencies”) issued joint guidance offering the Agencies’ combined approach to bolstering regulated banking organizations’ risk management practices with respect to third-party relationships (the “Guidance”). While the Guidance replaces each of the respective Agencies’ preexisting materials on this subject, many of the concepts advocated for and advanced by former guidance documents and/or FAQs have been incorporated into the final form of the Guidance.Continue Reading Federal Reserve, FDIC and OCC Issue Streamlined Guidance to Mitigate Risks Associated with Third-Party Relationships