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Financial Services Law Insights and Observations

OCC announces Tropical Storm Hilary disaster relief

Bank Regulatory Federal Issues OCC Disaster Relief California Nevada Arizona

On August 21, the OCC issued a proclamation providing discretion to OCC-regulated institutions to close offices affected by Tropical Storm Hilary in California, Nevada, and Arizona “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 OCC, 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.

Find continuing InfoBytes coverage on disaster relief here.