New and Revised Policy Templates for December 2017
This new product was developed in response to client requests who submitted their suggestions to our “Client Wish List.” Your comments and ideas are always greatly appreciated and will be taken into consideration whenever we revise our current products or create new ones. In summary, we want to ensure your success and earn your business!
The update to these products is in response to the following FinCEN Advisory releases:
FIN-2017-A007 – Advisory to Financial Institutions Regarding Disaster-Related Fraud dated 10/31/17. This advisory warns financial institutions about the potential for fraudulent transactions in the wake of disasters, including recent hurricanes and wild fires. This advisory is not intended to deter legitimate donations and relief assistance efforts. Rather, the purpose is to help financial institutions identify and prevent fraudulent activity that may interfere with legitimate relief efforts.
FIN-2017-A008 – Advisory on North Korea’s Use of the International Financial System dated 11/02/17. This advisory alerts financial institutions to North Korean schemes being used to evade U.S. and United Nations (UN) sanctions, launder funds, and finance the North Korean regime’s weapons of mass destruction (WMD) and ballistic missile programs.
The update to this product is in response to the Joint Release dated 11/20/17 which announced the federal bank regulatory agencies have amended their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The amendments to the CRA regulations become effective 01/01/18.
The update to this product is in response to the OCC’s Bulletin 2017-52 which announced a revised “Background Investigations” booklet. The revised booklet incorporates updated procedures and requirements following the integration of the functions of the Office of Thrift Supervision into the OCC in 2011, and the issuance of revised regulations.
The update to this product is in response to the Federal Reserve’s Press Release dated 11/03/17 that announced the annual indexing of two amounts used in determining reserve requirements of depository institutions. These amounts are the reserve requirement exemption amount and the low reserve tranche.