Product Updates for June 2022
The Product Updates for June 2022 from BankPolicies.com feature the following new job description templates and revised policy template products:
Commercial Payments Product Manager Job Description Template – NEW!
Human Resources Compensation Analyst Job Description Template – NEW!
Merchant Services Product Manager 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!
Marketing Plan and Program Policy Template
The update to this product is in response to the FDIC FIL 21-2022 entitled “FDIC Issues Final Rule Relating to False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name of Logo” dated 05/17/22 that announced a final rule implementing Section 18(a)(4) of the Federal Deposit Insurance Act, which prohibits any person from: making false or misleading representations about deposit insurance, using the FDIC’s name or logo in a manner that would imply that an uninsured financial product is insured or guaranteed by the FDIC, or knowingly misrepresenting the extent and manner of deposit insurance. The final rule describes the process the FDIC will use to exercise its authority to enforce Section 18(a)(4), as well as the standards that the FDIC will use to evaluate conduct that may violate the statute. The final rule is effective 30 days after publication in the Federal Register.
The update to this product is in response to the Federal Reserve’s final rule entitled “Regulation A: Extensions of Credit by Federal Reserve Bank” dated 05/16/22 that announced final amendments to its regulations to reflect the Federal Reserve Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action.
The amendments to part 201 (Regulation A) are effective May 16, 2022. The rate changes for primary and secondary credit were applicable on May 5, 2022.
The update to this product is in response to the Federal Reserve’s final rule entitled “Regulation D: Reserve Requirements of Financial Institutions” dated 05/16/22 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 0.40 percent, a 0.25 percentage point increase 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 May 16, 2022. The IORB rate change was applicable on May 5, 2022.
The update to this product is in response to the Federal Reserve’s press release entitled “Federal Reserve Board Finalizes Rule that Governs Funds Transfers over the Federal Reserve Banks’ FedNow Service” dated 05/19/22 that announced a rule that governs funds transfers over the Federal Reserve Banks’ FedNow Service. In general, the FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023.
The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service.
The rule is effective at the start of the first calendar quarter following its publication in the Federal Register.
Keeping You Informed
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