US regulators issue proposed guidance on third-party risk management for banks

BlockBeats news, September 12: U.S. regulators have released proposed guidance on third-party risk management for banks. The Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) stated that the proposal aims to help banks and credit unions "better calibrate and tailor their third-party risk management practices based on the risks associated with individual third-party relationships."

According to a statement from the regulators on the same day, this guidance is principles-based and non-binding; once finalized, it is planned to replace the existing third-party risk management guidance. The comment period is 60 days after publication in the Federal Register. The regulators also issued a separate statement regarding community banks' interactions with core service providers, and the Federal Reserve separately sought feedback on companion guidance for the community banks it supervises.