New and Revised Policy Templates for October 2015
These new and revised products were developed in response to the FDIC’s “Supervisory Insight – Summer 2015” publication dated 08/24/15 that provides an informal perspective on the strategic planning process and its importance for successful bank operations. The article concludes with a discussion of strategic planning in the context of issues bank boards and managements are dealing with today.
The update to this product is in response to the CFPB’s Press Release entitled “CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas” dated 09/21/15 that announced several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule will increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas, and gives small creditors time to adjust their business practices to comply with the rules. The final rule, including its changes and clarifications, will take effect January 1, 2016.
The update to this product is in response to the Federal Reserve’s “Consumer Compliance Outlook – Second Quarter 2015” publication dated 09/08/15 that addresses product risk management, the process by which a financial institution identifies, controls, and mitigates risks for its products and services. This edition leverages existing regulatory guidance and examines specific consumer compliance related risks in greater detail throughout the product life cycle.