Answer:
This is a difficult question to answer. There are very few policies that are actually "required" and I know of none that require re-approval. From what I believe is a dated OCC manual, here is a partial list of policies a de novo bank needed to open.
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 SecurityThis list is incomplete though as your own circumstances will require that you have policies which address different topics. There is no single answer that applies to all institutions. As to re-approval or reaffirmations, annually is a common practice. Even if the policy hasn't changed, it is a good idea to do this as it reaffirms from the board of directors that this is still the direction they want the institution to follow.
First published on BankersOnline.com 10/09/06
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