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A Direct Line Blog

Even Holidays Have Compliance Issues

December 22, 2021 7:30 am

By Donya Parrish, MCU VP- Risk Management

You might be thinking that this blog is going to be a lecture about saying “Happy Holidays” rather than “Merry Christmas” to be politically correct. Nope! I consider that to be a personal preference and also have no intention to wade into controversial subjects today.

Instead, I thought you might be interested in a few highlights regarding holidays from your role in the director’s seat. They are listed below:

  • In September, I posted a compliance blog, Holiday Closure Myths, explaining when and how credit unions can choose to be closed on non-federal holidays. Many credit unions across the state are choosing to close part of all of this Friday (Christmas Eve) and a few may do so again next week for New Years Eve. That is perfectly acceptable, and a choice each credit union can make.
  • In 2022, we have a new federal holiday on the calendar. Juneteenth is now an official Federal Reserve Bank and federal holiday and will be observed on Monday, June 20. If your personnel policies list out the specific holidays you close, it might need an update.
  • Since notice to members is encouraged, we have provided beautifully designed holiday closure signs for credit unions to use. They can be found in the lower right-hand corner of our About Us page.

So, that’s all — not too painful, right? I do send all of you the warmest wishes for a blessed holiday with family and friends. The blog will be off next week, but returning on Jan. 5. Thank you for your engagement!

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