Product Update Blog

Product Updates for May 2024

The Product Updates for May 2024 from BankPolicies.com feature the following new and revised policy template products:

Automated Clearing House Policy Template

The update to this product is in response to the following new rules issued by Nacha that are related to monitoring for fraud and are part of a larger risk management package intended to reduce the incidence of successful fraud attempts and improve the recovery of funds after frauds have occurred:

BSA Suspicious Activity Report Notices Template

The update to this product is in response to FinCEN Notice FIN-2024-NTC1 entitled “FinCEN Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions” dated 04/15/24 that urges financial institutions to be vigilant in identifying and reporting suspicious activity related to the use of counterfeit U.S. passport cards for identity theft and fraud schemes (hereinafter, “U.S. passport card fraud”).

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.

Human Resources General Policy Template

Human Resources Pregnant Workers Fairness Act Policy Template – NEW!

These new and updated products are in response to the Equal Employment Opportunity Commission’s final rule entitled “Implementation of the Pregnant Workers Fairness Act” dated 04/19/24 which requires a covered entity to provide reasonable accommodations to a qualified employee’s or applicant’s known limitations related to, affected by, or arising out of pregnancy, childbirth, or related medical conditions, unless the accommodation will cause an undue hardship on the operation of the business of the covered entity.

The final rule and interpretive guidance is effective on June 18, 2024.

Human Resources Salary Administration Policy Template

The update to this product is in response to the Department of Labor’s final rule entitled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees” dated 04/23/24 that updates and revises the regulations issued under the Fair Labor Standards Act implementing the exemptions from minimum wage and overtime pay requirements for executive, administrative, professional, outside sales, and computer employees.  Significant revisions include increasing the standard salary level, increasing the highly compensated employee total annual compensation threshold, and adding to the regulations a mechanism that will allow for the timely and efficient updating of the salary and compensation thresholds, including an initial update on July 1, 2024, to reflect earnings growth.  The Department is not finalizing in this rule its proposal to apply the standard salary level to the U.S. territories subject to the Federal minimum wage and to update the special salary levels for American Samoa and the motion picture industry.

The effective date for this final rule is July 1, 2024.  Sections 541.600(a)(2) and 541.601(a)(2) are applicable beginning January 1, 2025.

Unfair or Deceptive Acts or Practices (UDAP) Policy Template

The update to this product is in response to the FTC’s final rule entitled “Non-Compete Clause Rule” dated 04/23/24 that provides that it is an unfair method of competition—and therefore a violation of section 5—for persons to, among other things, enter into non-compete clauses (“non-competes”) with workers on or after the final rule’s effective date.  With respect to existing non-competes—i.e., non-competes entered into before the effective date—the final rule adopts a different approach for senior executives than for other workers.  For senior executives, existing non-competes can remain in force, while existing non-competes with other workers are not enforceable after the effective date.

The final rule is effective 120 days after date of publication in the Federal Register.

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 contact us to be added to our distribution list.

Shopping Cart
Scroll to Top