Product Update Blog

Product Updates February 2025

The Product Updates for February 2025 from BankPolicies.com feature the following new and revised policy template products:

Children’s Online Privacy Protection Act Policy Template – NEW!

Internet Banking Policy Template

These new and updated products are in response to the FTC’s final rule entitled “Children’s Online Privacy Protection Rule” dated 01/17/25 that announces a new definition for mixed audience website or online service and modifications to the definitions of disclose or disclosure, online contact information, operator, personal information, support for the internal operations of the website or online service, third-party, and website or online service directed to children, as well as updates to key provisions to respond to changes in technology and online practices.  The amendments are intended to strengthen protection of personal information collected from children, and, where appropriate, to clarify and streamline the rule since it was last amended in January 2013.  The amended rule is effective 60 days after date of publication in the Federal Register.

Bank Secrecy Act Policy Template – Comprehensive Version

Office of Foreign Assets Control Policy Template

The update to these products is in response to OFAC’s Final Rule entitled “Inflation Adjustment of Civil Monetary Penalties” dated 01/15/25 that adjust certain civil monetary penalties for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  The final rule is effective 01/15/25.

Regulation A Policy Template

The update to this product is in response to the Federal Reserve’s Final Rule entitled “Regulation A: Extensions of Credit by Federal Reserve Banks” dated 01/15/25 that announced final amendments to its regulations to reflect the Federal Reserve Board’s approval of a decrease in the rate for primary credit at each Federal Reserve Bank.  The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board’s primary credit rate action.

The amendments to part 201 (Regulation A) are effective 01/15/25.  The rate changes for primary and secondary credit were applicable on 12/19/24.

Regulation D Policy Template

The update to this product is in response to the Federal Reserve’s Final Rule entitled “Regulation D: Reserve Requirements of Financial Institutions” dated 01/15/25 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 4.4 percent, a 0.25 percentage point decrease 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 01/15/25.  The IORB rate change was applicable on 12/19/24.

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.

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