Compliance

Know the Rules on Holiday Gifts

Can CU staff accept gifts from members?

November 27, 2013
/ PRINT / ShareShare / Text Size +

Your credit union's offices soon (if they aren't already) will be full of cards, chocolates, cookies, fruitcakes, and maybe tickets to the “concert of the year.” Can you accept these? Do you know when you might need to say “no thank you”?

Now is a good time to review your credit union’s Bank Bribery Act policy. The act applies to all credit unions with accounts insured by the National Credit Union Share Insurance Fund.

FrontLine Newsletter

The National Credit Union Administration (NCUA) issued Interpretive Ruling and Policy Statement (IRPS) No. 87 in 1987 to provide federally insured credit unions with Bank Bribery Act guidelines. IRPS 87-1 gives credit unions some background on the act and recommends procedures to ensure compliance.

Specifically, the act states it’s a felony for any officer, director, employee, or agent to solicit or agree to accept anything of value in connection with a business transaction.

There are situations when it might be appropriate for a credit union employee to receive a business-related gift. Your credit union’s policies should address specific examples. Make sure you have a clear understanding of the guidelines.

You won’t violate the act if you:

Next: Examples of appropriate gifts

Welcome Info.

Mark McCormick
December 16, 2010 10:46 am
It doesn't hurt to be reminded that CU management and employees are held to a higher standard than we often hear about in our daily news.

You could run this piece every year towards the end of the year.


Flag Comment as Offensive

Good idea

Bill Merrick, Credit Union Magazine
December 16, 2010 12:29 pm
Thanks, Mark; that's a good idea.

Karen Saul offers up some good holiday-related information, too:
http://www.creditunionmagazine.com/articles/ho-hooh-no


Flag Comment as Offensive

Post a comment to this story

What's Popular

Popular Stories

Recent Discussion

Your Say: What's Your Expected Loan Growth in 2015?

View Results Poll Archive