The most trusted resource for bank policy, job description, and form templates since 1999.

Product Update Blog

Product Updates March 2020

Product Updates for March 2020

The Product Updates for March 2020 from BankPolicies.com feature the following revised policy template products:

Agricultural Loan Policy Template

Commercial Loan Policy Template

The update to these products is in response to the FDIC’s FIL-5-2020 entitled “Advisory: Prudent Management of Agricultural Lending During Economic Cycles” dated 01/28/20 that reminds financial institutions engaged in agricultural lending to maintain sound underwriting standards, strong credit administration practices, effective risk management strategies, and appropriate allowances for losses and capital levels through the credit cycle.  When agricultural borrowers experience financial difficulties, the FDIC encourages financial institutions to work constructively with borrowers to strengthen the credit and mitigate loss.

As a reminder, the complete contents of the Agricultural Loan Policy Template are included as topic 24 within the Commercial Loan Policy Template.

Business Continuity Management Policy Template

Pandemic Influenza Preparedness Policy Template

The update to these products is in response to FFIEC Press Release entitled “FFIEC Highlights Pandemic Preparedness Guidance” dated 03/06/20 that provides updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.

Pandemic preparedness is an important part of a financial institution’s business continuity planning.  The guidance provides the FFIEC’s prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.

Sound planning, in advance of imminent risk to particular institutions, helps minimize the disruptions to services to consumers, businesses, and communities when such contingencies occur.

As a reminder, the complete contents of the Pandemic Influenza Preparedness Policy Template are included as topic 18 within the Business Continuity Management Policy Template.

Regulation D Policy Template

The update to this product is in response to the Federal Reserve’s Final Rule issued on 02/12/20 that revises the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions.  The final amendments specify that IORR is 1.60 percent and IOER is 1.60 percent, a 0.05 percentage point increase from their prior levels.

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 click here to be added to our distribution list.

Scroll to Top