Agencies Weigh Options for Reducing Burdens Around Bank, Third-Party Partnerships
Senior regulatory officials said they are considering ways to reduce burdens banks face when partnering with third-party service providers, including fintech firms.
Browsing: Third-party risk
A New Way Forward with Risk Operation Centers
The COVID-19 crisis has highlighted that our current risk models and third-party risk practices are no longer adequate. A proactive and permanent risk operations commitment can result in competitive advantages of business resilience, reliable regulatory compliance and brand enhancement.
OCC Issues Long-Awaited ‘True Lender’ Proposal
In a long-awaited move, the OCC today issued a proposal establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
Podcast: OCC’s Brooks Plans to Unveil ‘Payments Charter 1.0’ This Fall
The OCC is planning to unveil what Acting Comptroller Brian Brooks called “payments charter 1.0” as soon as this fall, Brooks said on the latest episode of the ABA Banking Journal Podcast.
Conducting Pandemic Risk Assessments: What Banks Need to Know
Regulators will expect banks to be better prepared for the next crisis event, and they have offered guidance on how you should prepare.
OCC Issues FAQs on Third-Party Risk Management
The OCC today clarified its expectations for banks’ management of relationships with third-party providers, including fintech firms, cloud services providers and data aggregators.
Bowman: Fed Eyeing Updates to Third-Party Guidance
In a speech at the Federal Reserve Bank of Atlanta today, Federal Reserve Governor Michelle Bowman discussed how the Fed can help boost transparency and provide more clarity to community banks about relationships with vendors and third-party service providers.
Bowman: Fed Weighing Expanded Transparency on Core Provider Exam Info
As part of its efforts to facilitate community bank innovation, the Federal Reserve may provide banks with information about core processors and other critical third-party vendors that the banking agencies supervise directly, Fed Governor Michelle Bowman said today at ABA’s Conference for Community Bankers in Orlando, Florida.
What Risk Managers Need to Know about Cloud Migration
Shifting bank technology functions to the cloud has many benefits for banks—but managing the risks requires a different framework.
Amid Strong Conditions, OFR Flags Cyber Threats, Corporate Debt
The Treasury’s Office of Financial Research flagged corporate credit, market, macroeconomic and cyber risk as elevated concerns in its annual financial stability report today.