Bank Bribery Act

Question 1

T or F
Waiving a loan applicant’s fee in return for a favor is likely to be in violation of the Bank Bribery Act.

Answer 1

True

Question 2

T or F
The NCUA has established a specific dollar amoutn appropriate for business-purpose entertainment or gifts.

Answer 2

False

Question 3

T or F
Under the BBA “officials” are all employees, management and volunteers of the CU.

Answer 3

True

Question 4

T or F
Credit union officials are allowed to accept a gift (something of value) in connection with credit union business if the official fully discloses the gift to, and receives the approval in writing from, credit union management and/or the board.

Answer 4

True

Question 5

T or F
Credit Union volunteers and employees can accept discounts or rebates on merchandise from vendors for personal use, provided the same offers are available to other members.

Answer 5

True

Question 6

T or F
If a credit union volunteer or employee is a close friend of a vendor who wants to do business with the credit union, the NCUA recommends that the volunteer or employee should disclose the friendship to upper management or the Board.

Answer 6

True