News & Analysis as of

Third-Party Service Provider New Guidance Financial Institutions

Bressler, Amery & Ross, P.C.

NY Department of Financial Services Issues Guidance to its Regulated Industry As a Result of the Ongoing Global Conflict

The New York State Department of Financial Services (the “Department”) has issued guidance (“Guidance”) to all individuals and entities regulated by the Department (“Regulated Entities”) to underscore the importance of...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2020

The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more

Troutman Pepper Locke

FDIC Reminds Small Banks of Need to Oversee Technology Service Providers

Troutman Pepper Locke on

The need to control risks associated with using third-party technology service providers was reemphasized by the FDIC for institutions with less than $1 billion in assets in a new financial institutions letter...more

Stinson LLP

Financial Institution Letter Shows FDIC is Serious About Tech Contracts

Stinson LLP on

In recent years, bank regulators have increased their efforts to require banks to appropriately handle third-party risk management. On April 2, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution...more

Ballard Spahr LLP

FDIC Issues Guidance on Service Technology Service Provider Contracts

Ballard Spahr LLP on

On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to technology service provider...more

A&O Shearman

European Banking Authority Publishes Revised Guidelines on Outsourcing Arrangements

A&O Shearman on

The European Banking Authority has published revised Guidelines on outsourcing arrangements. The guidelines are intended to update and replace outsourcing guidelines issued in 2006 (by the EBA's predecessor, the Committee of...more

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