What SR 26-2 Revised Interagency Guidance on Model Risk Management (Fed, FDIC, OCC, April 2026) requires
On April 17, 2026 the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency jointly issued SR 26-2, Revised Guidance on Model Risk Management, superseding SR letter 11-7, Guidance on Model Risk Management (April 4, 2011), and SR letter 21-8, Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering Compliance (April 9, 2021). The revision clarifies model risk management principles and emphasizes a risk-based approach tailored to a banking organization's model risk profile, reflecting supervisory experience and industry feedback accumulated over the past fifteen years and significant advancements in modeling practices. For the Federal Reserve it applies to banking organizations with over $30 billion in total assets. The attached Supervisory Guidance on Model Risk Management is organised in seven sections covering purpose and scope, model risk overview, model development and use, model validation and monitoring, governance and controls, and vendor and other third-party products.
Pillar: Banking & Global Finance · Authority: Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency · Version: 1.0.0 · Last updated:
Primary source: https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm
SHA-256 integrity: 2d0e9579f2ed5783b6b740e9094f6066e5c6a93c295e1e28265559693c367c22
Primary Citations — 6 traced to source
- SR 26-2, Revised Guidance on Model Risk Management, Board of Governors of the Federal Reserve System, April 17, 2026 (jointly issued with the FDIC and OCC)
- SR 26-2 Attachment: Supervisory Guidance on Model Risk Management, Sections I-VII (Introduction; Purpose and Scope; Overview of Model Risk and Model Risk Management; Model Development and Model Use; Model Validation and Monitoring; Governance and Controls; Vendor and Other Third-Party Products)
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