BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551

TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK

SUBJECT:

Joint Statement on Community Banks' Engagement with Core Service Providers

The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) have issued the attached Joint Statement on Community Banks' Engagement with Core Service Providers (joint statement). The joint statement discusses factors the agencies will consider when making supervisory allocation decisions relevant to core providers who provide services to CBOs. The joint statement also highlights that the agencies may initiate appropriate supervisory and enforcement actions pursuant to their statutory authorities.

Reserve Banks are asked to distribute this SR letter to Federal Reserve-supervised institutions in their districts as well as to supervisory and examination staff. In addition, questions may be sent via the Board's public website.¹

signed by
David M. Cook
Deputy Director
Division of
Supervision and Regulation

Attachments: