Regulatory AlertsSR 24-2: Third-Party Risk Management: A Guide for Community Banks
The Board of Governors of the Federal Reserve System, the FDIC, and the OCC released a voluntary guide to assist community banks with third-party risk management practices. Applicable to banking organizations with $10 billion or less in consolidated assets, the document provides considerations and examples across the risk management life cycle without imposing new legal requirements. The agencies encourage feedback on the guide's clarity and supervisory expectations while noting it should be viewed alongside the June 2023 Interagency Guidance on Third-Party Relationships.
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