Agencies extend comment period for third-party risk guidance

The Federal Reserve announcement published Friday 13 November 2026 said the Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency will extend the comment period for proposed third-party risk management guidance until December 16. Comments on the proposal were originally due November 16.

The proposed guidance is intended to help banks and credit unions tailor their risk management practices to risks associated with individual third-party relationships. The agencies said it reflects their supervisory experience and lessons learned from examining financial institutions' third-party risk management practices.

The agencies said the proposed guidance uses a principles-based approach. It is non-binding supervisory guidance. The proposal covers proposed guidance on managing risks associated with third-party relationships.

The federal bank regulatory agencies said they plan to rescind their existing third-party risk management guidance when the proposal is finalized and replace it with the finalized guidance. They said this would promote consistency and prudent innovation in the banking industry.

The National Credit Union Administration also plans to rescind its existing third-party risk management guidance. The agency said it will conduct its own reviews and update related guidance as needed.

The Federal Reserve Board separately announced that it will extend the comment period until December 16 for a proposed third-party risk management guide for Federal Reserve-supervised traditional community banks. The announcement included Federal Register notices for the guidance and the community bank guide. The agencies also said they seek comment on the proposed guidance and issued a statement on community bank engagement with core service providers.