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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Interagency Guidance on Third-Party Relationships: Risk Management
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CA 24-2: Interagency Guidance on Third-Party Relationships: Risk Management
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
CA 24-2
May 8, 2024
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:
Interagency Guidance on Third-Party Relationships: Risk Management
Applicability to Community Banking Organizations: This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
The Board of Governors of the Federal Reserve (Board), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued joint interagency guidance in 2023 to all banking organizations supervised by the agencies on managing risks associated with third-party relationships. 1 The Division of Consumer and Community Affairs is issuing this letter for administrative purposes. This letter does not affect the 2023 guidance.
Reserve Banks are asked to distribute this letter to the supervised banking organizations in their districts and to appropriate supervisory staff. In addition, questions regarding this letter may be sent via the Board’s public website. 2
signed by Ben Olson Senior Associate Director Division of Consumer and Community Affairs
Attachments:
Interagency Guidance on Third-Party Relationships: Risk Management
Notes:
See
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230606a.htm . Return to text.
See
http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text.
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Last Update:
May 08, 2024