X

OCC Releases FAQs on Third-Party Relationships

The Office of the Comptroller of the Currency ("OCC") published answers to frequently asked questions ("FAQs") about risk management expectations regarding third-party relationships. The FAQs comprise a supplement to OCC Bulletin 2013-29, which provides risk management guidelines for banks to follow when entering into third-party relationships.

The FAQs provide guidance from the OCC concerning the following issues:

  • diligence expectations for third-party relationships that vary relative to risk level;

  • the permissibility for banks of collaborating with other banks that use the same third-party risk management providers;

  • how to navigate relationships with FinTech companies with respect to risk management; and

  • the applicability of OCC Bulletin 2013-29 to third-party mobile payment arrangements.

Primary Sources

  1. OCC FAQs to Supplement OCC Bulletin 2013-29
  2. OCC Bulletin 2013-29: Third-Party Relationships

Tags

Regulated Activities
Operations Technology (not Cyber)
Sub-Activity
Outsourcing
Regulated Entities
Banking Entities
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
Comptroller