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FAQ Released for OCC Bulletin on Third-Party Relationships
On Wednesday, June 7, 2017, the OCC issued frequently asked questions (FAQ) to supplement their Bulletin on “Third-Party Relationships: Risk Management Guidance” originally issued October 30, 2013. The FAQ include responses to questions such as what constitutes a third-party relationship, how banks can structure their third-party risk management process, and what collaboration opportunities exist to address cyber threats to banks and third-parties. The responses also include a host of information about the partnership opportunities and risks of financial institutions partnering with fintech companies.