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Financial Services Law Insights and Observations

OCC allows institutions affected by severe flooding in south central U.S. to temporarily close

Federal Issues OCC Disaster Relief

Federal Issues

On May 28, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe flooding in the south central region of the U.S. “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that only bank offices directly affected by potentially unsafe conditions should close, and that institutions should make every effort to reopen as quickly as possible to address customers’ banking needs. The proclamation directs institutions to OCC Bulletin 2012-28 for further guidance on actions they should take in response to natural disasters and other emergency conditions.

Find continuing InfoBytes coverage on disaster relief here.

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