Hi everyone. I wanted to share this link to a recent speech from Federal Reserve Governor Michelle Bowman, in which she talks about how the Fed can help community banks in managing its third parties more efficiently, and also the need to update FRB guidance on third party risk management. I believe this is a great direction for the Fed. These changes are sorely needed, especially in the community bank space, where institutions are so resource constrained.
https://www.federalreserve.gov/newsevents/speech/bowman20200210a.htm