ICYMI: Banking agencies shutter doors Friday to observe Juneteenth holiday

The three federal banking agencies were closed Friday, they announced in separate releases Thursday, in observance of the new federal Juneteenth National Independence Day holiday signed into law Thursday by President Joe Biden (D). The law signed by Biden created the holiday, giving federal employees the day off.

The Federal Deposit Insurance Corp. (FDIC), Federal Reserve, and Office of the Comptroller of the Currency (OCC) made their closure announcements late in the day. The Federal Reserve, in its notice, stated that all previously scheduled announcements would be released Thursday or postponed until Monday, June 21.

Federal Reserve Financial Services, the agency said, would operate normally on Friday, June 18, and Monday, June 21, providing payment services, including the fulfillment of orders for currency and coin, which is standard practice for any federal holiday that falls on a Saturday, the Fed said.

The FDIC, in a Financial Institution Letter (FIL), also offered a few tips for banks, specifically:

  • When determining their operating status tomorrow, FDIC-supervised institutions should comply with applicable requirements of their state chartering authority.
  • Given the timing, institutions are encouraged to consider the convenience and needs of their customers when making these decisions.
  • The FDIC encourages institutions to inform customers of their plans as soon as possible.

The Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) did not release similar announcements on Thursday.

Federal Reserve release

FDIC FIL-44-2021

OCC release

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