IBA Compliance Connection

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We were hoping to get some clarification on changes to the Banking Emergencies Act that became effective 1/1/2022. (1) If we close an office but leave our drive-up open during the office’s hours, are we required to receive an emergency proclamation from the IDFPR and provide them with notice of our closing? (2) If we are granted a proclamation, do we still need to notify the IDFPR when we close? (3) If we believe an emergency exists and close without a proclamation, can we provide notice to the IDFPR afterwards? (4) Are we allowed to close for more than forty-eight hours without a proclamation from the IDFPR? (5) Is there somewhere we can find all of the IDFPR’s emergency proclamations?

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(1) The IDFPR’s Emergency Proclamation Request form states that “no Emergency Proclamation is required for a closure of an office if that office has an attached or adjacent drive-up facility and that facility remained or will remain open for hours at least as long as the office’s lobby hours.” Consequently, we do not believe you are required to receive an emergency proclamation or provide notice of closing if you close an office but leave its drive-up open for at least as long as your office’s lobby hours.  

(2) The Banking Emergencies Act requires banks closing due to an emergency to notify the IDFPR, regardless of whether the closure is authorized pursuant to an emergency proclamation or by bank officers. This notice must be provided as promptly as conditions will permit and by any means available.  

(3) A bank closing an office must provide notice to the IDFPR as promptly as conditions will permit and by any means available. Provided that you are meeting this standard, we believe you may provide notice after you have closed.  

(4) Banks closing without a proclamation must receive prior approval from the IDFPR before remaining closed for more than forty-eight consecutive hours.  

(5) We are not aware of a webpage or central location where the IDFPR’s Division of Banking posts its emergency proclamations. In the past, it has published emergency proclamations on its website as news releases. You can find an example linked in the resources below.  

For resources related to our guidance, please see: 

  • IDFPR, Emergency Proclamation Request Form (“No Emergency Proclamation is required for a closure of an office if that office has an attached or adjacent drive-up facility and that facility remained or will remain open for hours at least as long as the office’s lobby hours.”) 

  • Banking Emergencies Act, 205 ILCS 610/3 (“A bank closing an office or offices under Section 2 of this Act shall give as prompt notice of its action as conditions will permit and by any means available, to the Commissioner, or in the case of a national bank, to the Comptroller of the Currency. In addition the bank shall post notice of the temporary closing and the authorization for the closing on the main entrance doors of the office or offices affected.”) 

  • Banking Emergencies Act, 205 ILCS 610/2(c) (“When the officers of a bank are of the opinion that an emergency exists, or is impending, which affects or may affect the bank’s offices, they shall have the authority, in the reasonable exercise of their discretion, to determine not to open any of the bank’s offices on any day or, if having opened, to close an office during the continuation of the emergency, even if the Commissioner does not issue a proclamation. The office closed shall remain closed until the time that the officers determine the emergency has ended, and for the further amount of time reasonably necessary to reopen. No bank office shall remain closed for more than 48 consecutive hours, excluding legal holidays and other days on which the bank is permitted to remain closed under the Promissory Note and Bank Holiday Act, without the prior approval of the Commissioner.”)