What does the new interagency guidance mean for TPRM programs?

In July 2021, the primary federal banking regulators responsible for overseeing third-party risk management (TPRM) programs in the banking industry issued new guidance, titled Proposed Interagency Guidance on Third-Party Relationships: Risk Management. If implemented, the new proposed guidance would replace existing TPRM guidance from all three agencies: the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC), and the Board of Governors of the Federal Reserve System (Fed).