US regulators extend deadline for comments on third-party risk guidance

Four US banking regulators have extended the deadline for comments on proposed guidance for managing risks from third-party relationships, giving banks, credit unions and other interested parties until 16 December to respond. The original deadline was 16 November.

The Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration said the proposed guidance draws on their supervisory experience. It is intended to help banks and credit unions tailor risk management to the risks of individual relationships, and is non-binding.

If finalised, the guidance is expected to replace the agencies’ existing third-party risk management guidance. The NCUA also plans to review related guidance separately. The Federal Reserve has extended the comment period to 16 December for a separate proposed guide aimed at traditional community banks it supervises.