The American Bankers Association today joined three associations in asking banking agencies for a 30-day extension of the comment periods for two proposed guidance documents on third-party risk management.
In September, the FDIC, Federal Reserve, Office of the Comptroller of the Currency and the National Credit Union Administration requested comment on proposed revisions to interagency guidance on third-party risk management. In addition, the Fed requested public input on proposed third-party risk management guidance for community banks. Comments for both proposals are due Nov. 16.
In a joint letter, the associations said initial feedback from bankers included observations that warrant additional discussion and analysis, particularly regarding how the proposals could affect due diligence and contracting. They also noted that third-party risk management affects multiple operations in every bank.
“Additional time would allow our associations to engage in more thorough discussions with our members to formulate constructive comments on the proposals,” they said.
