REGULATION · US
US federal agencies propose overhaul of bank third-party risk rules
FDIC, OCC, Federal Reserve, and NCUA jointly issued a request for comment on revised third-party risk management guidance for financial institutions. Aims to clarify vendor oversight, particularly for cloud, AI, and fintech partnerships.
WHY IT MATTERS
Banks face tighter scrutiny on AI vendor relationships. Expect more prescriptive audit, data residency, and model transparency requirements. Compliance teams will need updated third-party assessment frameworks by effective date.
Source: PYMNTS · 2026-09-11