The Office of the Comptroller of the Currency has released new guidance on how it expects banks to interact with third-party vendors, and specifically points to banks’ relationships with financial technology companies.
The OCC clarified in its June 7 supplement to 2013 guidance on third-party relationships that if a fintech company performs services or delivers products on behalf of a bank or banks, it is considered a third-party vendor. Therefore, “the OCC would expect bank management to include the fintech company in the bank’s third-party risk management process,” the OCC stated in its latest guidance, which supports OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
