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Product Updates March 2019

Product Updates for March 2019

The Product Updates for March 2019 from BankPolicies.com feature the following revised policy template products:

Flood Disaster Protection Act Policy Template

The update to this product is in response to the Joint Press Release entitled “Interagency Final Rule Implements Flood Insurance Reform Provisions” dated February 12, 2019 that announced a joint final rule to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.

The rule, which takes effect July 1, 2019:

  • Implements the Biggert-Waters Act requirement that regulated lending institutions accept private flood insurance policies that satisfy criteria specified in the Act;
  • Allows institutions to rely on an insurer’s written assurances in a private flood insurance policy stating the criteria are met;
  • Clarifies that institutions may, under certain conditions, accept private flood insurance policies that do not meet the Biggert-Waters Act criteria; and
  • Allows institutions to accept certain flood coverage plans provided by mutual aid societies, subject to agency approval.

Regulations implementing the federal flood insurance statutes prohibit regulated lending institutions from making loans secured by improved real property located in special flood hazard areas unless the property has adequate flood insurance coverage.


We updated the following policy template products in various degrees to reflect a reference to the new Current Expected Credit Losses (CECL) accounting standard. Most of the changes are relatively minor in nature, such as using a more generic term of “allowance for credit losses” rather than “allowance for loan and lease losses” or “ALLL” for those of our clients who choose to adopt the CECL accounting standard early as of the first quarter 2019.  In this regard, both ALLL and CECL related guidance remains within our applicable templates.

As a reminder, we will continue to revise our products to reflect recently released regulatory guidance regarding CECL when and where applicable, and will notify our client base via e-mail and on our Product Update Blog on our website of their public release.

Acquisition, Development and Construction Loan Policy Template
Agricultural Loan Policy Template
Asset-Based Loans and Formula Lines of Credit Policy Template
Asset, Liability and Liquidity Management Policy Template
Business Continuity Plan Policy Template
Commercial Loan Policy Template
Commercial Real Estate Loan Policy Template
Concentrations of Credit Policy Template
Consumer Loan Policy Template
Corporate Governance Policy Template
Country Risk Management Policy Template
Credit Card Policy Template
General Loan Policy Template
Indirect Dealer Loan Policy Template
Lease Financing Policy Template
Leveraged Financing Policy Template
Loan Grading and Review Policy Template
Merchant Services Program Policy Template
Mortgage Loan Policy Template
Native American Tribal Loan Policy Template
Non-Accrual and Charged-Off Loan Policy Template
Oil and Gas Industry Loan Policy Template
Other Real Estate Owned Policy Template
Overdraft Policy Template
Payday, Vehicle Title, and High-Cost Installment Loan Policy Template
Regulation O and Insider Activity Policy Template
Risk Management of Foreclosure Policy Template
Risk Management of Home Equity Lending Policy Template
Risk Management of Mortgage Fraud Policy Template
Risk Management of Non-Traditional Mortgage Loan Products Policy Template
Risk Management of Products and Services Policy Template
Risk Management of Subprime Mortgage Lending Policy Template
Servicemembers Civil Relief Act Policy Template
Small Business Administration Loan Policy Template
Strategic Plan Policy Template
Stress Testing Program Policy Template
Student Loan Program Policy Template
Trade Finance Policy Template
Troubled Debt Restructuring and Loan Workout Program Policy Template