On Tuesday, July 13, 2021, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) invited public comment on proposed interagency guidance on managing risks associated with third-party relationships (the “Proposed Guidance”). By harmonizing for the first time the Agencies’ supervisory expectations and guidance on third-party risk management, which has become a significant supervisory priority in recent years, the Proposed Guidance would promote consistency in how the Agencies will assess banking organizations’ third-party risk management.

Click here to read our Five Things to Know about the Proposed Guidance.