Product Updates for May 2022
The Product Updates for May 2022 from BankPolicies.com feature the following new policies and job descriptions, and revised policy template products:
These new and revised products are in response to OCC Bulletin 2022-11 entitled “Revised Licensing Booklets – Revised Comptroller’s Licensing Manual Booklets” dated 04/07/22. The revised Public Notice and Comments booklet replaces the booklet of the same title issued October 2019, and reflects recent changes, make corrections where necessary, and contains updated guidance.
Purchasing Policy Template – NEW!
This new product was 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!
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!
The update to this product is in response to FinCEN Advisory FIN-2022-A001 entitled “Advisory on Kleptocracy and Foreign Public Corruption” dated 04/14/22 that alerts all financial institutions on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption — a priority for the U.S. Government as it continues to implement the U.S. Strategy on Countering Corruption. The advisory provides typologies and potential indicators of kleptocracy and other forms of foreign public corruption, namely bribery, embezzlement, extortion, and the misappropriation of public assets.
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.
The update to these products is in response to Federal Reserve Board Letter SR22-4/CA 22-3, FDIC FIL-12-2022, and OCC Bulletin 2022-8 dated 03/29/22 that reminds financial institutions of the interagency final rule issued in November 2021 regarding incident reporting requirements in the event of a significant computer-security incident that disrupts or degrades, or is reasonably likely to disrupt or degrade, the viability of a bank’s operations, results in customers being unable to access their deposit or other accounts, or impacts the stability of the financial sector. Such incidents may include a major computer-system failure; a cyber-related interruption, such as a distributed denial of service or ransomware attack; or another type of significant operational interruption. Each agency included information on how to report such incidents.
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 04/18/22 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 April 18, 2022. The rate changes for primary and secondary credit were applicable on March 17, 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 04/18/22 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 April 18, 2022. The IORB rate change was applicable on March 17, 2022.
Keeping You Informed
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