Product Updates for October 2023
The Product Updates for October 2023 from BankPolicies.com feature the following new and revised policy template products:
The update to these products is in response to OCC Bulletin 2023-30 entitled “Lease Financing: Revised Comptroller’s Handbook and Rescissions” dated 09/27/23 that announced the release of version 2.0 of the “Lease Financing” booklet of the Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with lease financing, and provides a framework for evaluating a bank’s lease financing activities by examiners.
The revised booklet replaces version 1.2 of the booklet with the same title issued January 2017. In addition, OCC Bulletin 2014-40, “Lease Financing: Comptroller’s Handbook Revision and Rescission” is rescinded, which transmitted version 1.0 of the booklet in August 2014.
The revised booklet:
- Reflects changes to lease accounting standards since this booklet was last updated;
- Reflects OCC issuances published and rescinded since this booklet was last updated;
- Includes clarifying edits regarding supervisory guidance, sound risk management practices, and legal language; and
- Revises certain content for general clarity.
This new product was developed in response to client requests to create a template in relation to providing persons with limited English proficiency (LEP) meaningful access to a bank’s operations, programs and products and services to better serve their financial needs and to assist a bank in complying with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) prohibitions against engaging in any unfair, deceptive, or abusive act or practice (UDAAP), the Equal Credit Opportunity Act (ECOA), and other applicable laws, rules and regulations.
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