Does anyone know if there is regulatory requirement that exceptions to vacation policies need to be approved by the BOD. for example, you are required to take two weeks at the same time and you would like to take just one. In my past experience, this is something that is approved by each individual department head, it's documented and sent to Human Resources.

Unless you are state regulated and the state has specific requirements, the only real vacation policy guidance is found here:

http://www.fdic.gov/news/news/financial/1995/fil9552.html