Description: Supervisory Guidance on Natural Disasters and Other Emergency Conditions
The Office of the Comptroller of the Currency (OCC) in this bulletin sets out supervisory guidance for national banks, federal savings associations, and any federal branch or agency of a foreign bank (collectively, banks) in the event of a declaration of a legal holiday pursuant to 12 USC 95(b)(1) and 12 CFR 7.3000(b) for national banks, 12 USC 1463(a)(1)(A) for federal savings associations, and 12 USC 3102(b) for federal branches or agencies of a foreign bank, or a disaster that may affect a bank?s operations or customers. The bulletin rescinds and replaces
OCC Bulletin 2008-26, ?Responding to Disasters: Supervisory Guidance,? October 3, 2008;
Office of Thrift Supervision Chief Executive Officer Memorandum 278, ?Natural Disaster Preparedness,? September 9, 2008;
Office of Thrift Supervision Chief Executive Officer Memorandum 384, ?Natural Disaster Preparedness,? April 28, 2011; and
Office of Thrift Supervision Thrift Bulletin 71, ?Serving Communities Affected by Natural Disasters,? August 8, 1997.
The Comptroller of the Currency, or an appointed designee, has the authority to declare a legal holiday for banks in the event of natural calamity, riot, insurrection, war, or other emergency conditions whether caused by acts of nature or man (hereinafter referred to as
events).
A written proclamation of a legal holiday, unless otherwise directed, provides bank management the discretion to make individual decisions to remain open, or close, for the duration of the event. It is anticipated that only those banks or offices directly affected by the event will close, and those banks or offices that close will make every effort to reopen as quickly as possible to address the banking needs of their customers and communities.
Regardless of whether a legal holiday has been declared through a written proclamation, bank management has the discretion in the case of any emergency or event, to act prudently and responsibly to ensure the safety of human life and to safeguard banking assets (tangible and intangible).
If a disaster or other event is expected to result in long-term or widespread disruption of critical services, and banks operate or have customers in areas that are affected by the event, the OCC encourages banks to consider...
