Written Security Program Required

Answered by:

Question:

Could you tell me if our bank is required to have a Bank Protection Act Policy?

Answer:

Yes. Banks are required to designate a Security Officer and have a written plan to protect each banking office from robberies, burglaries, and larcenies and to assist in identifying and apprehending persons who commit such acts.

Implementing requirements include 12 CFR 21.2 (OCC), 208.61(b) (FRB) and 326.2 (FDIC).

First published on BankersOnline.com 12/15/03