WASHINGTON — The Office of the Comptroller of the Currency Monday is giving
"The Comptroller of the Currency, or his designee, hereby authorizes national banking associations, federal savings associations, and federal branches and agencies of foreign banks at their discretion, to close offices in the areas affected by these emergency conditions for as long as deemed necessary for bank operation or public safety," the agency said in a release.
OCC's notice comes as severe weather conditions from ongoing Tropical Storm Hilary are battering areas of California, Nevada, and Arizona.
Agency official Beverly F. Cole, the OCC Senior Deputy Comptroller for Midsize and Community Bank Supervision, issued a proclamation designating the tropical storm represented an "emergency condition" — pursuant to its supervisory guidance on natural disasters — the agency would allow banks the option to temporarily close their offices located in the storm's path to ensure safety.
The OCC also directed bank management to consult its
The Comptroller, or an equivalent OCC designated official, has the authority to declare a legal holiday for banks when they deem an emergency event warrants such action, and may issue a written proclamation allowing bank management to close branches.
The emergency declaration and subsequent authorization are effective August 21.
