Product Updates June 2025
The Product Updates for June 2025 from BankPolicies.com feature the following revised policy and form template products:
BSA Suspicious Activity Report Notices Template
The update to this product is in response to FinCEN Advisory FIN-2025-A002 entitled “FinCEN Advisory on the Iranian Regime’s Oil Smuggling Activities, Shadow Banking Networks, and Weapons Procurement Efforts” dated 06/06/25 to assist U.S. financial institutions in identifying and reporting potential sanctions evasion and other suspicious activity related to the Islamic Republic of Iran (Iran). On February 4, 2025, President Trump issued National Security Presidential Memorandum (NSPM-2) announcing a maximum pressure campaign against Iran with the goals of denying Iran nuclear weapons and intercontinental ballistic missiles (ICBMs); countering its development of other weapons capabilities; neutralizing Iran’s network and campaign of regional aggression; and disrupting, degrading, and denying Iran, including the Islamic Revolutionary Guard Corps (IRGC), and its terrorist proxies, access to the resources that sustain their destabilizing activities.
As a reminder, the BSA Suspicious Activity Report Notices Template is included in the purchase price of the Bank Secrecy Act Policy Template – Comprehensive Version.
Compliance Management Policy Template
Fair Credit Reporting Act Policy Template
Fair Debt Collection Practices Act Policy Template
Human Resources Incentive Compensation Policy Template
Human Resources Salary Administration Policy Template
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Policy Template
The update to these products are in response to the CFPB’s rule entitled “Interpretive Rules, Policy Statements, and Advisor Opinion; Withdrawal” dated 05/12/25 that withdraws several guidance documents issued since the CFPB began functioning in 2011. CFPB leadership conducted a review of guidance documents and has determined to withdraw the guidance materials identified in section III of the notice. The list includes eight policy statements, seven interpretive rules, 13 advisory opinions, and 39 documents described as “other guidance.” The notice indicates that the withdrawals are not necessarily final. The CFPB intends to continue reviewing all guidance documents to determine whether they should ultimately be retained. However, the CFPB has determined that the guidance identified in the notice should not be enforced or otherwise relied upon by the CFPB while this review is ongoing.
Mortgage Servicing Policy Template
The update to these products are in response to the CFPB’s interim final rule entitled “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X; Rescission” dated 05/16/25 that rescinds “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X,” 86 FR 34848 (June 30, 2021) (2021 COVID RESPA Rule).
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