{"id":1748,"date":"2019-06-21T17:41:57","date_gmt":"2019-06-21T17:41:57","guid":{"rendered":"https:\/\/albanknews.com\/?p=1748"},"modified":"2019-06-21T17:41:57","modified_gmt":"2019-06-21T17:41:57","slug":"compliance-qa-temporary-branch-closure-notification","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1748","title":{"rendered":"Compliance Q&A: Temporary Branch Closure Notification"},"content":{"rendered":"

Question:<\/strong><\/p>\n

If we need to temporarily shut down one of our branches to treat for dangerous mold, do we need to give any kind of notice to our regulator?<\/p>\n

 <\/p>\n

Answer:<\/strong><\/p>\n

At the federal level, there\u2019s a specific exemption for temporary closings that are not in the bank\u2019s control (for example, due to natural disaster), and this dangerous mold will likely be considered not in the bank\u2019s control and, thus, subject to the exception:<\/p>\n

Section 42 also does not apply when a branch ceases operation but is not closed by an institution. Thus, the law does not apply to:<\/em>
\n\u2022 A temporary interruption of service caused by an event beyond the institution’s control (e.g., a natural catastrophe), if the insured depository institution plans to restore branching services at the site in a timely manner; ..<\/em>
\nInteragency Policy Statement:\u00a0https:\/\/www.fdic.gov\/regulations\/laws\/rules\/5000-3830.html<\/a><\/p>\n

Even if this is the case, though, providing notice would certainly be good customer service, and our director, who is a former examiner, would consider it a best practice.<\/p>\n

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Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933<\/strong> or email info@compliancealliance.com<\/a><\/strong>.\u00a0Compliance rules and regulations change quickly! For timely compliance updates, subscribe to Compliance Alliance\u2019s email newsletters<\/a><\/strong>.<\/p>\n

Not a member? <\/strong>Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n