Product Updates June 2015

BankPolicies.com is providing you with these product updates as a courtesy to all of our clients. If you have any questions, please contact us.

New and Revised Policy Templates

These new and revised products were in response to the Joint Release entitled “Agencies Issue Final Standards for Assessing Diversity Policies and Practices of Regulated Entities” dated 06/09/15 that announced a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate. The final standards, which are generally similar to the proposed standards, provide a framework for regulated entities to create and strengthen their diversity policies and practices, including their organizational commitment to diversity, workforce and employment practices, procurement and business practices, and practices to promote transparency of organizational diversity and inclusion within the entities’ U.S. operations.

NOTE: The complete contents of the Human Resources Diversity Policy Template are included within the Human Resources General Policy Template as Topic 6.

Overdraft Policy Template

The update to this product is in response to the Federal Reserve Letter entitled “Changes to the Federal Reserve Policy on Payment System Risk (PSR Policy)” dated 05/21/15 that announced changes to the PSR Policy on 07/23/15. These changes are designed to enhance the efficiency of the payment system by aligning the PSR posting rules more closely with current operations for automated clearing house (ACH) debit transactions and commercial check transactions.

The update to these products is in response to the Federal Reserve’s Consumer Affairs Letter CA 15-4 dated 06/10/15 that announced examiners in the Federal Reserve System should no longer evaluate institutions’ compliance with the Protecting Tenants at Foreclosure Act of 2009 (PTFA) which originally became effective on May 20, 2009 and expired on December 31, 2014.