Know the rules on holiday gifts

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » 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.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.Per 18 U.S.C. 215(a), if the value of the item or benefit offered or received exceeds $100, the offense is a felony punishable by up to 30 years imprisonment and a fine of up to $1 million or three times the value of the bribe or gratuity, whichever is greater. If value does not exceed $100, the offense is a misdemeanor punishable by up to one year imprisonment and a maximum fine of $1,000.last_img

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