The FDIC extended the comment period for 45 days on its proposed "Examination Guidance for Third-Party Lending." The guidance is intended to establish compliance measures that FDIC-supervised institutions should follow when relying on a third party to perform a significant aspect of the lending process, such as marketing, originating, servicing or underwriting.
The proposed third-party lending guidance outlines the risks that may be associated with third-party lending as well as the expectations for a risk-management program, supervisory considerations and examination procedures related to third-party lending.
Comments on the proposed guidance must now be submitted by October 27, 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
