Third Parties

FDIC: Comment Period Extension Announced for Deposit Insurance Recordkeeping Rule for Banks’ Third-Party Accounts

The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDIC’s proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits.  Comments on the proposal must be received by the FDIC…

Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements

The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory…

Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices

Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to…