The Office of the Comptroller of the Currency (OCC), in coordination with the Board of Governors of the Federal Reserve System (the Board), the Federal Deposit Insurance Corporation (the FDIC), and the National Credit Union Administration (the NCUA, and collectively, the agencies), is issuing proposed guidance revising and replacing existing guidance on third-party risk management. The proposed guidance draws on the agencies’ supervisory experience and lessons learned through examining banking organizations’ third-party risk management practices and seeks to assist banking organizations in better aligning and tailoring these practices in relation to reasonably assessed risk levels specific to each of their third-party relationships.1
Comments are due 60 days from the publication of the proposed guidance in the Federal Register.
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