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List of Board Policies (Regs/Acts)

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Question: 
I was wondering if there is a list of board policies that financial institutions are required to have (regulation/acts) along with how often they should be reviewed by the board?
Answer: 

There is no list of policies your examiners will want for your bank that is around for all banks. They may be able to give you a list just for your bank, but its based on your size, products and services and needs. Here is a list I got from an OCC manual, but again, what is needed is based on specifics after you get thru these few general requirements. These are basic requirements:

Lending
Funds Management, Investment Securities, And Interest Rate Risk
Fiduciary (Trust banks)
Capital
Internal/External audits
Insider Activities
Compliance Program
Branch Closing
BSA (AML/EDD/CIP)
Securities Transactions for Broker-Dealers
Board Supervision
Disaster Recovery
Privacy and Security

Rest assured this alone would not be sufficient.

On Aug. 17, 2021 the CFPB filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner. The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failing to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting in inaccurate information remaining on consumers’ credit reports. The CFPB is looking for $850K. So the policies you think you may need, you likely do need.

First published on 10/17/2021

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