Compliance

Know the Rules on Holiday Gifts

Can CU staff accept gifts from members?

November 27, 2013
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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.

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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.


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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


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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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