Product Updates for December 2020
The Product Updates for December 2020 from BankPolicies.com feature the following new and revised policy, job description, and form template products:
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!
The update to these products expands upon current standards and industry best practices regarding acceptable use standards to help mitigate risk and to protect a financial institution’s IT resources, employees, business partners, and the organization from unauthorized, damaging, harmful, or illegal use by individuals, either knowingly or unknowingly, both inside and outside the organization.
The update to these products is in response to the Joint Release entitled “FinCEN and Federal Banking Agencies Clarify BSA Due Diligence Expectations for Charities and Non-Profit Customers” dated 11/19/20 that provides clarity to banks on how to apply a risk-based approach to charities and other non-profit organizations (NPOs).
The update to these products is in response to the Joint Press Release entitled “Agencies Provide Temporary Relief to Community Banking Organizations” dated 11/20/20 that announced an interim final rule that provides temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in large part, of their growth in size from the coronavirus response. The rule is effective immediately upon publication in the Federal Register.
The update to this product is in response to the FDIC’s Revised Risk Management of Manual of Examination Policies dated 11/29/20 that provides information relating to examination activities and supervisory practices for various subjects.
The update to this product is in response to the Federal Reserve’s Final Rule issued on 12/07/20 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 for 2021.
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.