Where can I find the "guidelines" that describe the 7 categories of gifts that a bank may make an exception to their code of conduct? I know it has to do with the Bank Bribery Act, but I can't find it anywhere online.
The Bank Bribery Act can be found online. Use the category of Security Acts/Regs within the BOL Launch Pad, or go directly to the Act with this link:
http://www4.law.cornell.edu/uscode/18/215.html
(Use the "Next" buttons at the bottom right side of the page to move through the sections.)
An example of the types of exceptions that may be made to the prohibition against receipt of gifts can be found in the OCC's Handbook of Insider Activities, under the category for Insider Policies: Code of Ethics:
http://www.occ.treas.gov/handbook/insider.pdf
It provides as follows:
It is not always improper for a bank official to accept something of value from someone doing or seeking to do business with the bank. The bank's insiderpolicy should include appropriate allowances for such circumstances. In general, there is no risk to the bank if:
The item is offered based on a family or personal relationship,independent of any business of the institution.
The benefit is available to the general public under the same conditions.
The item would be paid for by the bank as a reasonable businessexpense if it were not paid for by another party.
Common examples of reasonable exceptions are a business luncheon orholiday season gift. Other appropriate exceptions may include acceptance of:
Meals, gratuities, amenities or favors based on obvious family orpersonal relationships. The circumstances should make it clear that therelationship, rather than the business of the bank, is the motivating factor.
Meals, refreshments, travel arrangements, accommodations, orentertainment of reasonable value in the course of a meeting or otheroccasion. In this case, the occasion must be for a bona fide business discussion or part of an effort to foster better business relations. In thissituation, the expense should be one the bank would pay as a reasonablebusiness expense if it were not being paid by another party. The bankmay wish to establish a dollar limit on arrangements accepted under this exception.
Loans from other banks or financial institutions, when made oncustomary terms for the purpose of financing proper and usual activities of bank officials. Insiders must ensure that financialarrangements are not contingent upon the bank accepting or offeringany other service. Insiders must also ensure that they do not receivepreferential loans from correspondent banks.
Advertising or promotional material of reasonable value, includingpens, pencils, note pads, key chains, calendars, and similar items.
Discounts or rebates on merchandise or services that are available toother similar customers.
Gifts of reasonable value related to commonly recognized events or occasions such as a promotion, new job, wedding, retirement,Christmas, or bar or bat mitzvah. The bank may wish to establish adollar limit on the value of such gifts.
Civic, charitable, educational, or religious organizational awards forrecognition of service and accomplishment. The bank may wish toestablish a dollar limit on such awards.
Other benefits or items of value, when approved, in writing, on a casebycase basis. These should be approved based on a full, writtendisclosure of all relevant facts and should be consistent with the bankbribery statute (18 USC 215).
Dollar Limits
The OCC has not established rules about what is reasonable or normal in terms of dollar limits for permissible exceptions. Reasonable standards for onepart of the country might appear lavish in another part. Each national bank should establish its own range of dollar limits on the various benefits that it permits officials to receive from those doing or seeking to do business with the bank. In setting those limits, the bank should seek to embody the highest ethical standards.
First published on BankersOnline.com 9/16/02