Bank Bribery Act

Question 1

Waiving a loan applicant’s fee in return for a favor, is likely to be a violation of the Bank Bribery Act

Answer 1

True

Question 2

The NCUA has established a specific dollar amount appropriate for business, purpose, entertainment, or gifts

Answer 2

False

Question 3

Under the BBA “officials” are all employees management and volunteers of the credit union

Answer 3

True

Question 4

Credit union officials are allowed to accept a gift, (something of value) in connection with credit Union business. If the official fully discloses the gift to and receives the approval in writing from credit union management, and or the board.

Answer 4

True

Question 5

Credit union volunteers and employees can accept discounts or rebates on merchandise from vendors for personal use provided the same offers are available to other members

Answer 5

True

Question 6

If a credit union volunteer or employee is a close friend of a vendor who wants to do business with the credit union, the NCUA recommends that the volunteer or employee should disclose the friendship to upper management or the board

Answer 6

True