Fed releases guidance on third-party services

Fed board warns of possible operational, compliance, financial and strategic risks

Federal Reserve

On May 3, the Federal Reserve Board released a guide for community banks detailing how to mitigate risks related to third-party service providers.

The Fed said third parties provide community banks with a number of valuable services that open up technologies and markets. But the central bank added these services also come with potential operational, compliance, financial and strategic risks.

“A community bank’s reliance on third parties reduces its direct operational control over activities and

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