What Is the Whistle Blower Policy for Credit Unions?
In the banking workplace, small problems arise from time to time. If they go unnoticed and are let go, they can blow up into bigger problems, costing the loss of banking customers and employee's jobs. A policy known as the "whistle blower policy" was created by Congress on May 15, 2002, and called the "No Fear Act," so that employees could come forth and discuss happenings that they considered cause for concern. Unethical, dishonest, discriminatory or illegal practices could be pointed out without that person being concerned about recrimination. The policy is meant to make the workplace healthier, where problems are handled and "headed off" in their early stages.
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Features
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The purpose of the whistle blower policy is to reveal potential issues that may be detrimental to the bank and its customers (credit union members), as well as its employees. If an employee comes forward and sincerely shares information in good faith that he saw or heard and believed that some wrong-doing was happening, he could be assured that he would not incur any retaliation or negative treatment as a result of the reporting. Further, anyone caught retaliating against or making discriminatory action toward the person who made the report would be reprimanded or even dismissed. According to the "No Fear Act" (107 P.L. 174, 116 stat. 566, Summary), agencies cannot effectively do business where discrimination is tolerated.
Identification
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When the whistle blower policy is implemented and practiced, many issues within the workplace are reported and resolved. These include sexual harassment of one employee to another and discrimination of any nature (this includes how credit union members are treated). Other areas or problems include any illegal act, either criminal or civil, failure to implement banking policies and unprofessional conduct.
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Time Frame
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Negative situations between employees have a tendency to fester and escalate into bigger problems, therefore the time-frame of reporting issues is critical. When problems can be recognized in their early stages, quick resolution restores harmony in the workplace. An early reporting of an illegal act can be investigated and stopped before real damage is done.
Warning
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The whistle blower policy allows for the employee who, in good faith, reports what he perceives to be an infraction to receive no negative treatment for his honesty and reporting of his observations. The policy removes any restrictions from lower level employees making negative reports against upper level management or higher ranking board members. However, any employee who makes malicious reports against another employee for the purpose of creating turmoil or injury to that person will be reprimanded and/or be dismissed from employment.
Effects
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The effects of the whistle blower policy is realized by the banking organization or credit union with trouble-free banking and the highest standards of ethics, equal opportunity hiring policies, and correct accounting methods. While honest mistakes will continue to be made, no business can expect perfection. The whistle blower policy (which may be a bit different from one organization to another) is meant to keep credit unions (and banks) in a higher standard of trust since there is special responsibility in offering financial products that affect depositors lives.
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