What are the potential conflicts of interest for officials and employees when credit unions engage in activities approved under this part?

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) Payment, by you, of salary to your employees; (2) Payment, by you, of an incentive or bonus to an employee based on your overall financial performance; (3) Payment, by you, of an incentive or bonus to an employee, other than a senior management employee or paid official, in connection with an activity authorized by this part, provided that your board of directors establishes written policies and internal controls for the incentive program and monitors compliance with such policies and controls at least annually; and (4) Payment, by a person other than you, of any compensation or benefit to an employee, other than a senior management employee or paid official, in connection with an activity authorized by this part, provided that your board of directors establishes written policies and internal controls regarding third-party compensation and determines that the employee's involvement does not present a conflict of interest. (c) (d) (1) (2) (3)

official document · source cfr-2024 · id 12:§ 721.7