US agencies propose to replace interagency third-party risk guidance with a risk-tailored approach

Four US banking agencies have jointly proposed guidance that would revise and replace their existing third-party risk management expectations. The pitch is calibration: align oversight to the risk of each relationship rather than treating every vendor as high-risk. This segment covers what the proposal changes, who it would bind, the comment window, and why the non-enforceable framing matters for examiners and banks alike.

• Proposed interagency guidance would revise and replace existing third-party risk management guidance across the OCC, Federal Reserve, FDIC and NCUA.
• The guidance would not set enforceable standards or prescriptive requirements, and non-compliance would not result in supervisory action.
• Comments are due 60 days from publication in the Federal Register; the guidance would apply to community banks when final.