Community banks face third-party risks, worry about core fees
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Regulators issue guidance to community banks on third-party risks: The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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Human, Father, Full-Stack Founder, Veteran, Fintech, Banking, Investor and Inventor at BankShift
6 个月Hey OCC, yeah you know me. ?? In my humble opinion, after these upcoming payment/fraud exams, degrees of separation from a financial institution will be scrutinized even more. Tip: It's probably best to start by taking a look at a Banking-as-a-Platform model friends. ?? You will also need a lightweight cloud provider managed APi Gateway to monitor all of your providers health checks. Innovation begins once you have visibility and control, while keeping separation of duties in tact. ??
Reality Seeker by Heart | Risk & Compliance Pro by Trade
6 个月The guidance covers third party life cycle, from 'On-boarding' to 'Termination' with good examples. Should be a good reference point for community banks.