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#68708 - 03/20/03 09:38 PM Two Weeks Vacation Rules
Anonymous
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I hope one of you HR experts can tell me where to find the OCC, FDIC, and FRB rule that requires Bank employees to take two weeks vaction each year.

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#68709 - 03/20/03 09:42 PM Re: Two Weeks Vacation Rules
Andy_Z Offline
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This generally regarded as a good practice, but, for OCC related banks anyway, not a written requirement. It is a good fraud detector.

Also, absence is a better description than vacation. You could go to a school and add some vacation time to it or cross-train in another part of the bank (totally NOT doing you old job) to meet the intent here.
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#68710 - 03/20/03 09:42 PM Re: Two Weeks Vacation Rules
rlcarey Online
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If you do a search of threads on this you will find we have discussed this a number of times.
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#68711 - 03/20/03 09:42 PM Re: Two Weeks Vacation Rules
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#68712 - 03/20/03 10:04 PM Re: Two Weeks Vacation Rules
Anonymous
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And as usual, always check with your state code too.

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#68713 - 03/20/03 10:11 PM Re: Two Weeks Vacation Rules
Dan Persfull Offline
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Andy and Randy, what were you doing at 4:42 P.M. on 3/20/03?
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#68714 - 03/20/03 10:15 PM Re: Two Weeks Vacation Rules
rlcarey Online
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Looks like the exact same thing as you
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#68715 - 03/20/03 10:26 PM Re: Two Weeks Vacation Rules
DawgFan Offline
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As I understand this, it isn't a requirement, but it is recommended. As Andy said, it's a good way to detect fraud (since many fraud schemes need the perpetrator there constantly to keep it going). Some banks can't afford to have someone away for two weeks. I have had a consultant tell me that a good alternative is maybe one week of vacation with the second week spent in an unrelated part of the bank, or in training.
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#68716 - 03/20/03 10:32 PM Re: Two Weeks Vacation Rules
Michelle M Offline
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I'm not in compliance so tell me if I wrong, but I thought the BBA required 1 week consecutive leave.
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#68717 - 03/21/03 02:07 PM Re: Two Weeks Vacation Rules
rlcarey Online
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BBA?
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#68718 - 03/21/03 02:58 PM Re: Two Weeks Vacation Rules
1111 Offline
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Quote:

I hope one of you HR experts can tell me where to find the OCC, FDIC, and FRB rule that requires Bank employees to take two weeks vaction each year.




The FDIC "Letter" covering this issue is HERE and it refers back to the Internal Routine and Controls Section of the FDIC's Manual of Examination Policies.

In addition, D&O policies virtually always include a question as to whether or not the financial institution has a two weeks off policy. If you have that policy, exception approval should be documentation to the employee file.

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#68719 - 03/21/03 03:01 PM Re: Two Weeks Vacation Rules
Michelle M Offline
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BBA = Bank Bribery Act
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#68720 - 03/21/03 08:03 PM Re: Two Weeks Vacation Rules
Andy_Z Offline
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To my knowledge the BBA addresses a code of conduct, receipt of gifts, etc. but I am not aware of any required absence from working in a position. Do you have a cite?
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My opinions are not necessarily my employers.
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#68721 - 03/21/03 08:09 PM Re: Two Weeks Vacation Rules
Michelle M Offline
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No, sorry I don't, as I said compliance isn't my area, I just thought had heard something about the vacation rule having to do with BBA.
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#68722 - 03/22/03 07:55 AM Re: Two Weeks Vacation Rules
Deepa C Offline
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The new BIS II Accord for Operational Risk (to be enforced by 2006) looks at Key Risk Indicators that have to be reported by banks to the Central Bank of each country. One of the requirements is :
"Employees in commercial banks should be encouraged to take an annual break of two weeks or more. Failure to do so may be out of a desire to conceal internal fraud or poor work practices which would be otherwise detected by staff cover. This is especially important where the leave taken does not span a month end, when key internal reports and MIS are prepared.

Banks should report the numbers of staff not taking 2 consecutive months of leave (including a month end), as a % of the total workforce."




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#68723 - 03/22/03 01:11 PM Re: Two Weeks Vacation Rules
Richard Insley Online
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This week I was told that FDIC has reduced its vacation requirement from 2 weeks to 1 week, but I can't find anything newer than the 1995 FIL indicating the traditional 2 weeks. Has anyone else heard of this change?
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#68724 - 07/22/03 10:56 PM Re: Two Weeks Vacation Rules
RFitzpatrick Offline
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I was asked about the two-week requirement again today. I have the 95 FIL, but also have "heard" the FDIC has relaxed their stance on this since then. Anyone know of anything more definative?

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#68725 - 07/23/03 02:52 AM Re: Two Weeks Vacation Rules
Richard Insley Online
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I haven't heard anything else. Maybe one of you FDIC banks can contact FDIC and ask the question directly?
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#68726 - 07/23/03 07:01 AM Re: Two Weeks Vacation Rules
wavewatcher Offline
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We are an FDIC bank. We didn't hear about the reduction. In fact we just went through a long risk assessment to have some staff switch from 2 weeks to 1 week. We were told (in May 2003) that we needed to document document document about why we wanted the change and how the 1 week would still provide us with the opportunity to "see" what the staff person on vacation "doing honest dealings."

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#68727 - 07/23/03 03:13 PM Re: Two Weeks Vacation Rules
Creditcop Offline
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I don't remember the two week vacation rule ever coming from the FDIC. For us in Indiana, I remember that the state used to require 2 weeks in a row, but that has been relaxed. We require at least 1 week.

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