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Opinion Summary of Selected Opinion 97-167

Date: 07/01/1997
Organization: Division of Banks
Docket Number: 97-167

This opinion was issued in the third quarter of 1997.

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.

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