September 07, 2021
Agencies extend comment period on proposed risk management guidance for third-party relationships
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- Office of the Comptroller of the Currency
For release at 10:30 a.m. EDT
The federal bank regulatory agencies announced on Tuesday that they will extend until October 18, 2021, the comment period on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.
The agencies extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by September 17, 2021.