Regulations Regarding The Acceptance Of Gifts

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Question:

Regarding employee, officer, or director acceptance of gifts. In addition to the limitations imposed by the Bank Bribery Act and my state's regulations, are there any other regulations I should be aware of in connection with acceptance of gifts? Our old Statement of Ethics indicates acceptance of a gift over $100 by a director may constitute a felony, but I cannot find a cite to support this.

Answer:

Regulators, at least the OCC, require that you have a policy addressing this.

HANDBOOKS, BANKCOMPLIANCE, Insider Policy: Code of Ethics and Conflicts of Interest

The OCC requires all national banks to adopt a written insider policy addressing its code of conduct and conflicts of interest. This policy must detail business practices the board of directors deems acceptable. The bankâ€™s board of directors must take the lead in protecting the bank from conflicts of interest...

At a minimum, the policy must (address)...

Not solicit anything of value from anyone in return for any business service or confidential information of the bank;

Never accept anything of value other than bona fide salary, wages, fees or other compensation paid in the usual course of business from anyone in connection with the business of the bank, either before or after a transaction is discussed or consummated;

First published on BankersOnline.com 1/20/03