Model Risk Management Guidance (SR 11-7 / OCC Bulletin 2011-12), superseded April 17, 2026

Summary

The 2011 interagency model risk management guidance (Federal Reserve SR 11-7 and OCC Bulletin 2011-12, adopted by the FDIC in 2017) covered model development, use, validation and governance and was widely applied to AI models at banks. On April 17, 2026 the Federal Reserve, OCC and FDIC issued revised model risk management guidance that supersedes SR 11-7 and SR 21-8; the OCC rescinded Bulletins 2011-12, 1997-24 and 2021-19 and the 'Model Risk Management' booklet of the Comptroller's Handbook. The revised guidance excludes generative and agentic AI models from its scope and is expected to be most relevant to banking organizations with over $30 billion in assets; the agencies said they plan a request for information on banks' use of AI. Do not cite SR 11-7 as current authority.

Key dates

1. April 4, 2011 to April 17, 2026Takes effect
2. April 4, 2011Issued
3. October 16, 2026Checked against sources

Developments are added when the record is reviewed. Next review: October 16, 2027.

Evidence

Each passage is quoted from its source. The quoted passages are re-checked against the live pages every month.

1. are issuing the attached Revised Guidance on Model Risk Management , which supersedes and replaces SR letter 11-7, Guidance on Model Risk Management (issued April 4, 2011) and SR letter 21-8

   Supports: SR 11-7 and SR 21-8 superseded

   SR 26-2: Revised Guidance on Model Risk Management

   Supports: Letter number

   SR 26-2: Revised Guidance on Model Risk Management Board of Governors of the Federal Reserve System Primary source

2. This bulletin rescinds "Model Risk Management" booklet of the Comptroller's Handbook OCC Bulletin 1997-24

   Supports: Handbook booklet and 1997-24 rescinded

   OCC Bulletin 2011-12, "Sound Practices for Model Risk Management: Supervisory Guidance on Model Risk Management"

   Supports: OCC 2011-12 rescinded

   Generative AI and agentic AI models are novel and rapidly evolving. As such, they are not within the scope of this guidance.

   Supports: GenAI and agentic AI out of scope

   In June 2017, the FDIC adopted the 2011 guidance, with technical conforming changes.

   Supports: FDIC adoption

   Model Risk Management: Revised Guidance (OCC Bulletin 2026-13) Office of the Comptroller of the Currency Primary source