Office of Comptroller of Currency Issues FAQs on Managing Third-Party Relationships
On June 7, the Office of the Comptroller of the Currency (OCC) issued frequently asked questions (FAQs) to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” which was originally issued on October 30, 2013. These FAQs address questions from national banks and federal savings associations. The FAQs and underlying OCC Bulletin 2013-29 apply to all national banks and federal savings associations, and primarily focus on defining third-party relationships, tips for reducing oversight costs, and guidance on engaging with FinTech companies.
The OCC intends to review banks’ questions on OCC Bulletin 2013-29 from time to time and issue future FAQs or other guidance when it deems necessary.
The full text of the OCC FAQs is available here.