IBA Compliance Connection

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If we close some of our branches early for one day, do we need to notify the IDFPR? We would be closing the branches one hour early and closing the drive-throughs ninety minutes early. Will it be sufficient for us to post notice of the early closures in our branches three to four weeks in advance?

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No, your bank does not need to notify the IDFPR regarding these one-time early closings.

The Illinois Promissory Note and Bank Holiday Act permits banks to close on a specified list of holidays, 12:00 noon on Saturdays, and all day on Sundays. Outside of these dates, if a bank wishes to remain closed on a day when it would normally be open, it must send the IDFPR a copy of a resolution adopted by the board of directors authorizing the closure and post notice of the closure for at least three weeks in advance.

However, we confirmed with a representative of the IDFPR that when a bank intends to close one hour early on a particular day, a resolution and notice to the IDFPR are not required. We believe that the same analysis would apply when closing a drive-through ninety minutes early on a particular day. We do recommend posting notice of the change in hours for three weeks in advance of the early closures in the affected branches and drive-throughs.

For resources related to our guidance, please see:

  • Promissory Note and Bank Holiday Act, 205 ILCS 630/17(a) (“The following days shall be legal holidays in the State of Illinois upon which day a bank may, but is not required to, remain closed: the first day of January (New Year's Day). . . .”)
  • IDFPR 2018 Bank Holiday Schedule (“In addition to the holidays cited above, banks are authorized to close at 12:00 noon on each Saturday and all day on Sunday. A bank may also select one additional day of the week to remain closed by following the procedures outlined in Section 17(b) of the Promissory Note and Bank Holiday Act [205 ILCS 630/17(b)].”)
  • Promissory Note and Bank Holiday Act, 205 ILCS 630/17(c) (“If an occasion arises when a state bank wishes to remain closed on a particular day, other than a day on which the bank has selected to remain closed on a regular basis as provided in this Section, such state bank may remain closed on such an occasion after first sending to the Commissioner a copy of a resolution adopted by the board of directors authorizing the bank to remain closed on such occasion and notice of the intent to remain closed on such occasion shall be conspicuously posted in the lobby of the main banking office and any branches of such bank for at least 3 weeks in advance of such occasion. Any day which any bank doing business within the State shall select to remain closed pursuant to this Section shall, with respect to such bank, be treated and considered as a Sunday.”)
     
  • Illinois Banking Act, 205 ILCS 5/2 (“‘Commissioner’ means the Commissioner of Banks and Real Estate, except that beginning on April 6, 2009 (the effective date of Public Act 95-1047), all references in this Act to the Commissioner of Banks and Real Estate are deemed, in appropriate contexts, to be references to the Secretary of Financial and Professional Regulation.”)