Code of Ethics for Senior Financial Officers Policy
March 15, 2018
The bank will adopt the necessary Board Level policies in accordance with the regulatory requirements of the Federal Housing Finance Agency (the “Finance Agency”).
The objective of this policy is to promote honest and ethical conduct, proper disclosure of financial information in the Bank’s financial reports and compliance with applicable laws, rules and regulations by the Bank’s senior officers who have financial responsibilities.
This policy applies to the Bank’s Senior Financial Officers. The policy addresses activities, roles and relationships and outlines requirements to assure the highest standards of honest and ethical conduct are being maintained, and conflicts of interest are being avoided.
Senior Financial Officer means the Bank’s: President, Chief Executive Officer, EVP, Chief Operating Officer, EVP, Chief Financial Officer; EVP, Chief Business Officer; EVP, Chief Risk and Compliance Officer; SVP, Chief Accounting Officer; SVP, Housing and Community Investment; SVP, Chief Information Officer; SVP Treasurer and SVP, Chief Credit Officer.
5. Roles and responsibilities
- The Board is responsible for the approval of this policy.
- The Audit Committee is responsible for the interpretation and the assessment of compliance with the policy.
- The First Vice President, Human Resources is responsible for administration of this Code and collecting the annual certifications from each of the Senior Financial Officers.
In performing his or her duties, each Senior Financial Officer must:
- Maintain high standards of honest and ethical conduct and avoid any actual or
apparent conflict of interest;
- Report to the Audit Committee of the Board of Directors any conflict of interest that may arise and any material transaction or relationship that reasonably could be expected to give rise to a conflict;
- Provide, or cause to be provided, full, fair, accurate, timely and understandable disclosure in reports and documents that the Bank files with or submits to regulatory authorities and in other public communications.
- Promptly bring to the attention of the Audit Committee any information he or she may have concerning (a) significant deficiencies in the design or operation of internal controls which could adversely affect the Bank’s ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Bank’s financial reporting, disclosures or internal controls;
- Comply and take all reasonable actions to cause others to comply, with applicable governmental laws, rules and regulations;
- Promptly report to the Audit Committee evidence of any material violation of any law, rule or regulation applicable to the Bank by the Bank or by any of its employees or agents; and
- Promptly report violations of this Code to the Audit Committee.
7. Compliance and enforcement
Each Senior Financial Officer must annually certify compliance with the principles and practices established within this Code of Ethics. The First Vice President, Human Resources will maintain the signed certifications which may include electronic signatures within the learning management system and immediately notify the Audit Committee of any exclusions or exceptions within the certifications.
8. Exception to policy
Exceptions to the Policy may only be granted by the Audit Committee.
8.1 Policy Waiver
Any request for a waiver of any provision of this Code must be in writing and addressed to the Audit Committee. Any waiver of this Code will be disclosed promptly as required by applicable law.
8.2 Policy Violations
Violations of this policy should be reported to the Audit Committee. The Audit Committee will report material violations and recommend appropriate action to the Board.