Financial Regulators Release Guidance for the Supervision of Technology Service Providers
The Federal Financial Institutions Examination Council (FFIEC) today issued a revised Supervision of Technology Service Providers booklet (TSP Booklet), which is part of the FFIEC Information Technology Examination Handbook (IT Handbook).
Concurrently, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued new Administrative Guidelines for the Implementation of the Interagency Program for the Supervision of Technology Service Providers (Guidelines).
The TSP Booklet contains guidance for examiners and financial institutions on the supervision of technology service providers. It addresses the agencies’ statutory authority to supervise third-party servicers that enter into contractual arrangements with regulated financial institutions.
Note: This New Guidance places an additional burden on the institutions board of directors. AABD’s Bank Director Regulatory Burden Report is available here.