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Financial Services Law Insights and Observations

OCC allows institutions affected by severe winter weather to close

Federal Issues Disaster Relief OCC

Federal Issues

On January 30, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe winter weather in the Midwest and Northeast regions of the United States “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that it expects that only those bank offices directly affected by potentially unsafe conditions will close and that institutions should make every effort to reopen as quickly as possible to address the banking needs of their customers. The proclamation directs institutions to OCC Bulletin 2012-28 for further guidance on natural disasters and other emergency conditions.

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