US banking regulators extend comment deadline on risk guidance
Four US federal banking agencies have extended the public comment period on proposed third-party risk management guidance to 16 Dec, according to the Federal Reserve. Comments were originally due 16 Nov. The Federal Reserve Board separately extended its deadline to 16 Dec for a proposed guide aimed at traditional community banks it supervises. The agencies plan to rescind existing third-party risk guidance and replace it with finalized versions once completed. The proposal takes a principles-based approach and is non-binding.
Key facts
- The National Credit Union Administration plans to rescind its existing third-party risk guidance and conduct its own reviews.
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Why it matters
Banks that rely on outside vendors may see revised, non-binding expectations for managing those relationships once the guidance is finalized.
What changed
First published from Federal Reserve