Fintech firms could encourage regulatory risk management update – Fed’s Bowman

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The Federal Reserve’s outsourcing risk management guidance may need to be changed to help community banks interact with fintech firms, one of the central bank’s senior officials says.

Speaking on April 11, Michelle Bowman, a governor on the Fed Board, said guidance needed to “appropriately reflect the present-day business realities” of banks the Fed supervises.

“Regulators’ third-party risk management frameworks discuss particular types of contractual terms and, where appropriate, audit rights

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