OCC: Banks in Midwest, Northeast can close due to unsafe weather conditions

The severe cold weather gripping the Midwest and Northeast regions of the country has drawn a proclamation from the top federal banking regulator that allows federally chartered banks and savings associations, and federal branches and agencies of foreign banks, to close.

The Office of the Comptroller of the Currency (OCC), issuing its proclamation late Wednesday, said it “expects that only those bank offices directly affected by potentially unsafe conditions will close. Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers.”

The agency directs supervised institutions to OCC Bulletin 2012-28 “Supervisory Guidance on Natural Disasters and Other Emergency Conditions” for additional guidance here. This bulletin lists some actions bankers could consider implementing when their bank operates or has customers in areas that are affected by a natural disaster or other emergency condition, it said.

Proclamation

OCC Bulletin 2012-28, Supervisory Guidance on Natural Disasters and Other Emergency Conditions

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