FDIC, Federal Reserve Board, OCC issue joint guidance on third party risk management practices

Federal bank regulatory agencies have released a guide to support community banks in managing risks presented by third-party relationships.

The guide offers potential considerations, resources, and examples through each stage of the third-party relationship and may be a helpful resource for community banks. While the guide illustrates the principles discussed in the third-party risk management guidance issued by the agencies in June 2023, it is not a substitute for that guidance. 

Read the joint release here and access the guide here.