National banks, federal savings associations (FSAs), and federal branches and agencies of foreign banks that are affected by the severe flooding in the Central Plains and Midwest are authorized to close under a proclamation issued Monday.
The institutions are authorized to close in the areas affected “for as long as deemed necessary for bank operation or public safety,” according to the proclamation, issued by the Office of the Comptroller of the Currency (OCC).
The OCC said it expects that only bank offices directly affected by potentially unsafe conditions will close and that they should make every effort to reopen as quickly as possible to address customers’ banking needs.
For further guidance, the agency referred supervised institutions to OCC Bulletin 2012-28, “Supervisory Guidance on Natural Disasters and Other Emergency Conditions” (Sept. 21, 2012), which provides guidance on actions bankers could consider implementing when their institution operates or has customers in areas affected by a natural disaster or other emergency.
OCC Allows National Banks and Federal Savings Associations Affected by Flooding in the Central Plains and Midwest to Close