On November 6th, the FFEIC issued updated guidelines related to the supervision and examination of Technology Service Providers (TSPs), which are regulated under the Bank Service Corporation Act (BSCA). The updates were issued on behalf the Federal Reserve Board, the FDIC, and the OCC.
The new Supervision of Technology Service Providers booklet replaces the prior booklet from March 2003, and rescinds Supervisory Policy 1 (1991) and Supervisor Policy 11 (1995). The TSP Booklet is available here.
In addition, the agencies issued new Administrative Guidelines which summarize how the three agencies implement the TSP supervision program – including which TSP’s to supervise, the frequency examinations, and the process of examinations. The new Guidelines are available here.
The Financial Institution Letter announcing the new guidelines is available here.