Academic journal article ABA Banking Journal

Emergency Closing

Academic journal article ABA Banking Journal

Emergency Closing

Article excerpt

Q. Can a bank close for a week after a robbery?

A. This topic was addressed in the ABA Banking Journal, Compliance Clinic, November 2001 that stated "There are no federal laws or regulations that require any financial institution except a national bank to remain open on any specific days. 12 CFR 7.3000 gives the following specifics for national banks: "---(b) Emergency closings. Pursuant to 12 U.S.C. 95(b)(1), the Comptroller of the Currency (Comptroller), a state, or a legally authorized state official may declare a day a legal holiday if emergency conditions exist. That day is a legal holiday for national banks or their offices in the affected geographic area (i.e., throughout the country, in a state, or in part of a state). Emergency conditions include natural disasters and civil and municipal emergencies (e.g., severe flooding, or a power emergency declared by a local power company or government requesting that businesses in the affected area close). The Comptroller issues a proclamation authorizing the emergency closing in accordance with 12 U. …

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