diff --git a/.pre-commit-config.yaml b/.pre-commit-config.yaml
index 739754ae..9de41620 100644
--- a/.pre-commit-config.yaml
+++ b/.pre-commit-config.yaml
@@ -1,9 +1,9 @@
 repos:
   - repo: https://github.com/aws-cloudformation/cfn-lint
-    rev: v0.83.3
+    rev: v0.83.6
     hooks:
       - id: cfn-lint-rc
   - repo: https://github.com/psf/black
-    rev: 23.11.0
+    rev: 23.12.0
     hooks:
       - id: black
diff --git a/.vscode/settings.json b/.vscode/settings.json
index 73ceaf04..dfa427fa 100644
--- a/.vscode/settings.json
+++ b/.vscode/settings.json
@@ -4,6 +4,6 @@
   },
   "editor.formatOnSave": true,
   "editor.codeActionsOnSave": {
-    "source.fixAll.eslint": true
+    "source.fixAll.eslint": "explicit"
   },
 }
diff --git a/backend/dependencies/requirements.txt b/backend/dependencies/requirements.txt
index a585077c..6097f174 100644
--- a/backend/dependencies/requirements.txt
+++ b/backend/dependencies/requirements.txt
@@ -1,6 +1,6 @@
 dynamodb-encryption-sdk==3.2.0
-mypy-boto3-dynamodb==1.33.0
-mypy-boto3-sqs==1.33.0
+mypy-boto3-dynamodb==1.34.0
+mypy-boto3-sqs==1.34.0
 plaid-python==18.2.0
 python-jose[cryptography]==3.3.0
 requests==2.31.0
diff --git a/backend/requirements-dev.txt b/backend/requirements-dev.txt
index 10ec4841..3745de3b 100644
--- a/backend/requirements-dev.txt
+++ b/backend/requirements-dev.txt
@@ -1,3 +1,4 @@
 wheel==0.42.0
-aws-lambda-powertools[all,aws-sdk]==2.29.0
-black==23.11.0
+aws-lambda-powertools[all,aws-sdk]==2.30.1
+black==23.12.0
+pre-commit==3.6.0
diff --git a/pyproject.toml b/pyproject.toml
index be6ac34a..183d53be 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.black]
 line-length = 100
-target-version = ['py311']
+target-version = ['py312']
 include = '\.pyi?$'
 extend-exclude = '''
 /(
diff --git a/template.yml b/template.yml
index 24ea89d4..7bd6a8f1 100644
--- a/template.yml
+++ b/template.yml
@@ -58,13 +58,13 @@ Globals:
         TABLE_NAME: !Ref Table
     Handler: app.lambda_handler.handler
     Layers:
-      - !Sub "arn:${AWS::Partition}:lambda:${AWS::Region}:017000801446:layer:AWSLambdaPowertoolsPythonV2:48"
+      - !Sub "arn:${AWS::Partition}:lambda:${AWS::Region}:017000801446:layer:AWSLambdaPowertoolsPythonV2:57"
       - !Ref DependencyLayer
     LoggingConfig:
       LogFormat: JSON
     MemorySize: 128 # megabytes
     PropagateTags: true
-    Runtime: python3.11
+    Runtime: python3.12
     Tags:
       GITHUB_ORG: !Ref GitHubOrg
       GITHUB_REPO: !Ref GitHubRepo
@@ -288,20 +288,22 @@ Resources:
   DependencyLayer:
     Type: "AWS::Serverless::LayerVersion"
     Metadata:
-      BuildMethod: python3.11
+      BuildMethod: python3.12
       BuildArchitecture: x86_64
     Properties:
       LicenseInfo: MIT-0
       CompatibleArchitectures:
         - x86_64
       CompatibleRuntimes:
-        - python3.11
+        - python3.12
       ContentUri: backend/dependencies
       Description: !Sub "Plaid API - ${Environment} - Dependency Layer"
       RetentionPolicy: Delete
 
   EncryptionKey:
     Type: "AWS::KMS::Key"
+    UpdateReplacePolicy: Delete
+    DeletionPolicy: Delete
     Properties:
       Description: !Sub "Plaid API - ${Environment}"
       Enabled: true