{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services","html":"","width":"100%","height":180,"duration":1499,"description":"Key Points:1. Federal banking agencies released a statement on potential risks of banks using third parties to deliver deposit products and services.2. Highlights risk management practices for banks to consider when managing these arrangements.3. Reemphasizes existing guidance; does not create new requirements or expectations.4. Identifies potential risks in areas like:   - Operational and compliance issues   - Growth and liquidity management     - Misrepresentation of deposit insurance5. Provides examples of effective risk management practices, including:   - Robust governance and third-party risk management   - Managing operational and compliance implications   - AML/CFT and sanctions compliance    - Managing growth, liquidity and capital impacts   - Addressing deposit insurance misrepresentations6. Includes list of existing regulatory resources and guidance for banks to referenceKey Takeaways:- Increasing use of third parties for deposit products raises potential risks- Banks remain responsible for regulatory compliance even when using third parties- Effective risk management and oversight is crucial as these arrangements evolve- Banks should review existing guidance and ensure appropriate controls are in pla","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}