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Financial Services Law Insights and Observations

OCC announces disaster relief guidance

Bank Regulatory Federal Issues Disaster Relief OCC Consumer Finance

On June 15, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by flooding in Montana “for as long as deemed necessary for bank operation or public safety.” 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. According to the 2012 Bulletin, only bank offices directly affected by potentially unsafe conditions should close, and institutions should make every effort to reopen as quickly as possible to address customers’ banking needs.

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