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ARTICLE · 28 DECEMBER 2023

OIG Issues Audit Memorandum To FDIC's Regional Service Provider Examination Program, Impacts Fintechs

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On December 21, the Office of Inspector General (OIG) of the FDIC issued its audit memorandum on the FDIC's Regional Service Provider (RSP) Examination Program.

United StatesTechnology
A.J. Dhaliwal
A.J. Dhaliwal
Moorari K. Shah
Moorari K. Shah
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On December 21, the Office of Inspector General (OIG) of the FDIC issued its audit memorandum on the FDIC's Regional Service Provider (RSP) Examination Program. The OIG's objective was to assess the effectiveness of the FDIC's RSP Examination Program related to third-party risks to banks, including for compliance with interagency service provider guidance (we discussed this final guidance in a previous blog post here).

Under its RSP Examination Program, the FDIC examines RSPs to evaluate their overall risk exposure and risk management performance, and determine the degree of supervisory attention needed to ensure weaknesses are addressed and risks are properly managed by the banks using these RSPs. Here, RSPs are smaller in size, less complex, and provide services to banks within a local region.

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