Senior US officials criticise new third-party risk guidance
Members of Fed and FDIC boards object to vagueness and burdens on smaller banks
The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency released final guidance on third-party risks on June 6.
The Final Interagency Guidance on Third-Party Relationships said though third parties could introduce new technology to the banking industry, they can also cause “operational, compliance and strategic risks”. Banking organisations, the guidance argued, can be subject to “substantial financial loss and operational
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