- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-03-17T14:37:00
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management (TPRM), according to Fed Governor Michelle Bowman.
Bowman made the remark in a speech at an Independent Community Bankers of America conference Tuesday. She said the potential guidance would “be an important step in supporting innovation built on third-party partnerships.”
“Third-party partnerships designed to bring innovation into a bank can also create risk management and due diligence challenges, particularly with respect to identifying the risks that a third-party partner may pose and to managing these risks,” she said.
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U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
