OCC allows institutions affected by severe flooding in Gulf Coast to temporarily close

Federal Issues OCC Disaster Relief

On July 12, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by severe weather along the Gulf Coast “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.

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