Product Updates for August 2022
The Product Updates for August 2022 from BankPolicies.com feature the following revised policy template products:
Capital Planning Program Policy Template
Corporate Governance Policy Template
The update to these products is in response to the Federal Reserve’s Press Release entitled “Federal Reserve Board Announces the Individual Capital Requirements for All Large Banks, Effective October 1” dated 08/04/22 that are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs.
Cryptocurrency Policy Template
The update to this product is in response to the FDIC’s FIL-35-2022 entitled “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” dated 07/29/22 that addresses certain misrepresentations about FDIC deposit insurance by some crypto companies. Additionally, a Fact Sheet on What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies (Deposit Insurance Fact Sheet) has been posted to FDIC’s website to provide additional information about deposit insurance coverage.
The update to this product is in response to the Federal Reserve’s final rule entitled “Regulation A: Extensions of Credit by Federal Reserve Bank” dated 08/09/22 that announced final amendments to its regulations to reflect the Federal Reserve Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action.
The amendments to part 201 (Regulation A) are effective August 9, 2022. The rate changes for primary and secondary credit were applicable on July 28, 2022.
The update to this product is in response to the Federal Reserve’s final rule entitled “Regulation D: Reserve Requirements of Financial Institutions” dated 08/09/22 that announced final amendments to its regulations to revise the rate of interest paid on balances (“IORB”) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORB is 2.40 percent, a 0.75 percentage point increase from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Federal Open Market Committee (“FOMC” or “Committee”).
The amendments to part 204 (Regulation D) are effective August 9, 2022. The IORB rate change was applicable on July 28, 2022.
Keeping You Informed
We provide this Product Update Blog as a courtesy to all clients regarding new and revised products released by BankPolicies.com. We feel that it is important to keep our clients well informed of changes to the financial institution industry, including keeping on top of federal regulatory changes, and industry recommended best practices. In this regard, we encourage you to subscribe to our newsletter in which these types of announcements are made including any special offers that can save you time and money. Just contact us to be added to our distribution list.
Frequently Asked Questions – Policy or Job Description Template Package Upgrade
As a courtesy in response to recent inquiries, the following are frequently asked questions (FAQ) regarding upgrading to one of our policy template packages or job description template packages, or receiving an update to one of our policy template products under our Product Update Program:
Question: I purchased some policy/job description templates from you and would now like to purchase a policy/job description template package. Can I receive a credit from what I already paid towards the purchase of a policy/job description template package?
Answer: Yes, as long as:
Your policy/job description template purchase(s) were made within a year of the current date; and
The policy/job description template(s) you purchased are part of the policy/job description template package you wish to purchase.
To determine if you qualify, please contact us at service@bankpolicies.com with your request. If we determine that you qualify for the upgrade, we will provide you with a discount special coupon code that can be used to make the purchase of the policy/job description template package within our online store.
Question: I purchased one of your policy/job description template packages and learned that you released a new policy/job description template that is now part of the package I purchased. Will I receive the new product?
Answer: With regards to new policy template products, Policy Template Package Update Protection Plan covers products that were included in your policy template package at the original date of your purchase. In the event we release a new policy template that becomes part of the policy template package you purchased, you will need to purchase the new product from us. Going forward, the new product will be covered by your Package Update Protection Plan.
With regards to new job description template products, the new job description template must be purchased.
Frequently Asked Questions – Policy Template Update
Question: I learned that the policy template I purchased from you has been updated. How do I get the new one? Do I have to buy it all over again?
Answer: If you purchased a policy template product from us that has been updated within a year of your original date of purchase from the current date, you can receive the current version for $49.00 by:
Purchasing an individual Product Update Protection Plan; and
Specify which product you would like to apply the Product Update Protection Plan to during the secure checkout process within the “Special Instructions” area.
Once we receive your order, we will send you the updated version of the policy template manually by e-mail, along with detailed information regarding why the product was revised and what has changed within the product in our correspondence.
If your original date of purchase is longer than one year, the policy template must be purchased in its entirety in order for you to receive the current version.
Question: I am unsure of my original date of purchase. Can you let me know if I qualify for the update?
Answer: Yes – contact us at service@bankpolicies.com with your inquiry and we will let you know if you qualify.
Question: How long does the Product Update Protection Plan last and does it renew?
Answer: The subscription lasts one year from the date of purchase and will automatically renew on your subscription anniversary date. As a courtesy, you will automatically receive an invoice from us 30 days prior to the expiration date to ensure there is no interruption in coverage.
We’re Here to Help!
Please contact us at service@bankpolicies.com with any additional questions you may have, and thank you for your continued business from BankPolicies.com!