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Product Updates December 2018

Product Updates for December 2018

The Product Updates for December 2018 from BankPolicies.com feature the following new and revised policy and job description template products:

Commercial Loan Policy Template
Trade Finance Policy Template – NEW!

These new and updated products are in response to OCC Bulletin 2018-38 dated 08/31/18 that announced the availability of a revised “Trade Finance and Services” booklet of the Comptroller’s Handbook which replaces the booklet of the same title issued in April 2015.

The complete contents of the Trade Finance Policy Template are included within the Commercial Loan Policy Template as Topic 14.


Commercial Real Estate Loan Underwriting Officer Job Description Template – NEW!
Customer Due Diligence Specialist Job Description Template – NEW!
Cybersecurity Risk Analyst Job Description Template – NEW!
Database Administrator Job Description Template – NEW!
Internal Communications Officer Job Description Template – NEW!
SBA Loan Portfolio Officer Job Description Template – NEW!

These new products were 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!


Regulation J Policy Template

The update to this product is in response to the Federal Reserve’s Press Release dated 11/15/18 that approved final amendments to simplify Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Regulation CC (Availability of Funds and Collection of Checks).

The amendments align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC, which reflected the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic. The amendments also clarify and simplify provisions of Regulation J, remove obsolete provisions, and improve consistency between Regulation J and Regulation CC. Finally, the amendments clarify that electronically-created items (check-like items created in electronic form that never existed in paper form) are not “items” that the Reserve Banks are authorized to handle under Regulation J.

The Board has also amended Regulation J to clarify that financial messaging standards for Fedwire funds transfers, such as the international common format standard ISO 20022, do not confer or connote legal status or responsibilities with respect to Fedwire funds transfers.

The amendments become effective January 1, 2019.