January 21, 2022
To: Chief Executive Officers or Equivalents of New York Regulated Banking Organizations
SUBJECT: Extension of the Public Comment Period Relating to Request for Information Regarding “Vacation Policy as an Internal Control Safeguard”
On January 4, 2022, the New York State Department of Financial Services (Department) issued a Request for Information (RFI) to New York banking organizations seeking comments with respect to the Department’s August 1996 guidance letter on “Vacation Policy as an Internal Control Safeguard” (Guidance Letter). In the RFI, the Department solicited comments on a broad range of issues concerning compliance with the two-week absence requirement.
The Department has received requests from stakeholders for an extension of time to respond to the RFI. The Department believes it would be beneficial to provide additional time for interested parties to submit comments to ensure that they have sufficient time to review the RFI and respond. Therefore, the Department is extending the deadline for submission of comments from February 4, 2022, to no later than 11:59 p.m. Eastern Time on March 7, 2022.
While all comments are welcome, please note that there is no requirement for each New York banking organization to submit a comment.
The Department encourages organizations, when commenting, to be as specific as possible in submitting their responses. Responses should be submitted by March 7, 2022, to [email protected]. Please use “Request for Information Regarding Vacation Policy” in the subject line. Responses may be subject to public inspection and should not include any sensitive or confidential information.
If you have any questions about the above, please contact Kathleen A. Scott, Deputy Superintendent of Banking, New York State Department of Financial Services, at [email protected].