Product Update Blog

Product Updates for July 2021

The Product Updates for July 2021 from BankPolicies.com feature the following revised policy template products:

Bank Secrecy Act Policy Template – Basic Version

Bank Secrecy Act Policy Template – Comprehensive Version

The update to these products is in response to the FFIEC announcement entitled “Federal and State Regulators Release Updates to the BSA/AML Examination Manual” dated 06/21/21 that revised the following section of the FFIEC BSA/AML Examination Manual:

Purchase and Sale of Monetary Instruments Recordkeeping

In addition, the Bank Secrecy Act Policy Template – Comprehensive Version was revised in response to the following revised sections:

International Transportation of Currency or Monetary Instruments Reporting

Reports of Foreign Financial

Special Measures

Mortgage Servicing Policy Template

Regulation X Policy Template

The update to these products is in response to the CFPB’s final rule entitled “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X” dated 06/28/21 that announced a final rule to amend Regulation X to assist mortgage borrowers affected by the COVID-19 emergency.  The final rule establishes temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages.  In addition, the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.  The CFPB has also finalized certain temporary amendments to the early intervention and reasonable diligence obligations that Regulation X imposes on mortgage servicers.  The final rule is effective August 31, 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.

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