Regulatory AlertsCA 24-2: Interagency Guidance on Third-Party Relationships: Risk Management
The Board of Governors of the Federal Reserve, the FDIC, and the OCC issued joint interagency guidance in 2023 requiring all supervised banking organizations to manage risks associated with third-party relationships. This May 2024 letter from the Division of Consumer and Community Affairs serves an administrative purpose to distribute the guidance to supervised institutions and does not alter the original 2023 requirements. The guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
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