Federal Financial Agencies Propose New Guidance for Managing Third-Party Risks

Four federal financial regulatory agencies—the National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC)—have jointly requested public comment on proposed guidance to help financial institutions manage risks associated with third-party relationships. This principles-based guidance aims to promote consistency and prudent innovation in the banking industry.