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Tuesday, November 5, 2013

OCC Updates Risk Management Guidance for Third-Party Relationships – What Are the New Requirements?

By ABIA Outside Counsel Chrys Lemon and Chris Datskos, McIntyre & Lemon, PLLC

In October 2013, the Office of the Comptroller of the Currency (OCC) issued updated risk management guidance for national banks and federal savings associations on third-party relationships. The guidance explains the OCC’s expectations with respect to ensuring that third-party activities are performed in a safe and sound manner.

Click here for a members-only summary of the OCC’s guidance on third-party relationships. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

Try out ABIA's other Compliance resources:
  • ABIA Network is a collaboration website. There are discussion groups where members can answer each other's questions, we also keep recordings of the Compliance Webinar and Discussion Group sessions and of all of the Best Practices Panels.
  • Handbook of Bank-Insurance Compliance is updated yearly and provides detailed compliance information for selling insurance in the bank environment. Contact Deanne Marino for more information and to receive your copy.
  • Best Practices Panels on Compliance
  • Compliance Webinar and Discussion Group is a new monthly opportunity to receive training based on the Compliance Handbook and discuss challenges. The next one will be held November 20.
  • Bank-Insurance Connection blog provides a compliance-only feed. Subscribe to compliance articles only.
  • All members are eligible for one hour of compliance consulting every year with our outside counsel, McIntyre & Lemon. The firm focuses solely on insurance, much of the focus being the bank sale of insurance.

Indicates ABIA members-only material. Not an ABIA member? Contact Jennifer Hatten to learn about the benefits of membership and ways to join here.