Last week, the OCC, Federal Reserve Board, and FDIC issued proposed guidance for banking organizations on managing risks associated with third-party relationships, including those with financial technology-focused entities such as bank/fintech sponsorship arrangements.  The agencies have made clear that if banks have ineffective risk management processes, agency examiners will closely scrutinize their third-party risk management and identify and report deficiencies in examination reports and recommend appropriate supervisory actions.

On August 6, 2021 from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Risk Management in Third-Party Relationships: What Banks and Service Providers Need To Know.”  For more information and to register, click here.