Department of the Treasury July 19, 2021 – Federal Register Recent Federal Regulation Documents

The Board, FDIC, and OCC (together, the agencies) invite comment on proposed guidance on managing risks associated with third- party relationships. The proposed guidance would offer a framework based on sound risk management principles for banking organizations to consider in developing risk management practices for all stages in the life cycle of third-party relationships that takes into account the level of risk, complexity, and size of the banking organization and the nature of the third-party relationship. The proposed guidance sets forth considerations with respect to the management of risks arising from third-party relationships. The proposed guidance would replace each agency's existing guidance on this topic and would be directed to all banking organizations supervised by the agencies.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing four Ukraine-related web general licenses (GLs) in the Federal Register: GL 12, GL 12A, GL 12B, and GL 12C, each of which is now expired and was previously issued on OFAC's website.