{"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":1451,"description":"\nKey Points:\n1. Federal banking agencies released a statement on potential risks of banks using third parties to deliver deposit products and services.\n2. Highlights risk management practices for banks to consider when managing these arrangements.\n3. Reemphasizes existing guidance; does not create new requirements or expectations.\n4. Identifies potential risks in areas like:\n   - Operational and compliance issues\n   - Growth and liquidity management  \n   - Misrepresentation of deposit insurance\n5. Provides examples of effective risk management practices, including:\n   - Robust governance and third-party risk management\n   - Managing operational and compliance implications\n   - AML/CFT and sanctions compliance \n   - Managing growth, liquidity and capital impacts\n   - Addressing deposit insurance misrepresentations\n6. Includes list of existing regulatory resources and guidance for banks to reference\nKey Takeaways:\n- Increasing use of third parties for deposit products raises potential risks\n- Banks remain responsible for regulatory compliance even when using third parties\n- Effective risk management and oversight is crucial as these arrangements evolve\n- 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}