The scope of the Interagency Risk Management Guidance

Answered by:

Question:

Are the areas addressed in the Guidance limited to laws and regulations addressing fair lending and prohibitions against unfair, deceptive or abusive acts or practices?

Answer:

No. The Guidance’s scope covers all bank activities that might involve a third-party relationship, with a view to ensuring that activities are performed in a safe and sound manner and in compliance with applicable laws and regulations, including but not limited to those designed to protect consumers (such as fair lending laws and prohibitions against UDAAPS and those addressing financial crimes.

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Learn more about John Burnett’s, Managing the Risk of Third-Party Relationships webinar.