U.S. regulators released proposed guidance on Friday aimed at helping banks and credit unions tailor third-party risk management practices to the risks of each relationship.
The Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration said the non-binding proposal will be open for public comment and will focus oversight on a principles-based approach. Federal Reserve staff said banks are increasingly outsourcing functions and relying on third parties to improve efficiency and reduce costs.
Federal Reserve Governor Barr opposed the proposal, citing concerns over the “significant financial risk” standard.
U.S. Regulators Propose Guidance on Bank Third-Party Risk Management
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