Regulatory Alerts2024-05-07 | SR 24-2SR 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 consolidated assets of $10 billion or less in developing third-party risk management practices. This document provides considerations, resources, and examples across the risk management life cycle without establishing safe harbors or imposing new legal requirements. The agencies encourage supervised organizations to review the guide alongside the June 2023 Interagency Guidance and to submit feedback on supervisory expectations via the Board’s public website.
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