WASHINGTON, Sept. 15 -- Federal Reserve System has issued a notice called: Proposed Third-Party Risk Management Guide for Traditional Community Banking Organizations.
The notice was published in the Federal Register on Sept. 15 by Benjamin W. McDonough, Secretary of the Board.
Summary: The Board invites comment on a proposed guide for traditional community banking organizations on managing risks associated with third-party relationships. The proposed guide would reflect the Board's supervisory experience and lessons learned through examining community banking organizations' third-party risk management practices. In particular, the proposed guide would discuss the key risks faced by traditional community banking organizations in their thir...