The federal banking agencies today extended by a month the comment periods for two proposed guidance documents on third-party risk management. The American Bankers Association was among the groups that requested the extension.
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 were due Nov. 16. However, the agencies announced the deadlines for both have been pushed back to Dec. 16.
“When finalized, the federal bank regulatory agencies plan to rescind existing third-party risk management guidance and replace it with the finalized guidance to promote consistency and prudent innovation in the banking industry,” the agencies said. “NCUA also plans to rescind its existing third-party risk management guidance and will conduct its own reviews to update related guidance as needed.”
