| Date: | 07/01/1997 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 97-167 |
This opinion was issued in the third quarter of 1997.
- This page, Summary of Selected Opinion 97-167, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 97-167
Table of Contents
Credit union implementation of a mandatory vacation policy
No provision of Massachusetts General Laws chapter 171 addresses credit union vacation policies. However, it has been the long-standing position of the Division of Banks that a financial institution should require mandatory vacations of two weeks or fourteen consecutive days for all employees. Such a policy is prudent and a tenet of safe and sound banking practice. The existence of such a policy is reviewed in the course of regularly scheduled examinations by the Division. Also, the absence of such a policy may be the subject of criticism of management and of the institution itself in a report of examination.