OCC, FDIC and Federal Reserve issue guide to help community banks manage third‑party and fintech risk

The Office of the Comptroller of the Currency, together with the Federal Deposit Insurance Corporation and the Federal Reserve, issued the Third Party Risk Management Guide for Community Banks to help community banks manage risks from partnerships with fintechs and other third parties, an Unidentified Speaker said.

The guide is intended to address risks arising as banks adapt to digitalization and changing banking practices. "The Third Party Risk Management Guide for Community Banks provides information, including illustrative examples, that community banks can use to manage the risk that their partnerships with third parties may present," the Unidentified Speaker said.

Officials framed the guide as a practical tool for smaller banks that increasingly work with vendors and fintech partners. The statement said the guidance includes illustrative examples and descriptive material that banks may use to assess and oversee third‑party relationships. It said the aim is to enable community banks to engage in "healthy partnerships with fintechs and other third parties to serve their customers in a safe, sound, and fair way."

The announcement points interested readers to occ.gov for more information and the full guide. The release did not include implementation deadlines, enforcement mechanisms, or funding details.

The OCC's release did not name an individual spokesperson; the statement was delivered by an Unidentified Speaker representing the issuing agencies. The guide was described as a jointly issued interagency resource by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve.