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Are bank employees still required to take two weeks of vacation each year? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Are bank employees still required to take two weeks of vacation each year?

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The federal Fair Labor Standards Act (FLSA) does not have any vacation time requirements, nor do any Illinois laws. Instead, vacation time generally is a matter of contract. However, the Federal Reserve Board’s Commercial Bank Examination Manual does state that employees “in sensitive positions” should take at least two consecutive weeks of vacation per year. FRB Examination Manual § 5017.1. See also SR-96-37, which emphasizes the need for a bank to conduct an assessment of significant risk areas before developing a policy on required absences from sensitive positions.