Banking Agencies Extend Comment Period for Risk Management Guidance on Third-Party Relationships

The Federal Reserve Board, FDIC and OCC extended the comment period for proposed risk management guidance concerning third-party relationships of banking organizations from September 17, 2021, to October 18, 2021.

As previously covered, the proposed guidance would provide banking organizations with a suggested framework for the development of third-party relationship risk management practices, and identify applicable principles for each stage in the life cycle of a third-party relationship.

The proposal is intended to promote consistency across the banking agencies, as it would replace each agency's independently released guidance and be directed to all supervised banking organizations.