On October 30 2013, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2013-29 on Third Party Relationships. Bulletin 2013-29 rescinds OCC Bulletin 2001-47, ""Third-Party Relationships: Risk Management Principles,"" and OCC Advisory Letter 2000-9, ""Third-Party Risk."" In addition to introducing new requirement for how a bank’s third parties are managed, OCC 2013-29 is far more explicit and detailed than previous guidance.
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On October 30 2013, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2013-29 on Third Party Relationships. Bulletin 2013-29 rescinds OCC Bulletin 2001-47, ""Third-Party Relationships: Risk Management Principles,"" and OCC Advisory Letter 2000-9, ""Third-Party Risk."" In addition to introducing new requirement for how a bank’s third parties are managed, OCC 2013-29 is far more explicit and detailed than previous guidance.