We agree that you do not need to notify the FDIC when you close a branch during a banking emergency. The Banking Emergencies Act authorizes the Illinois Department of Financial and Professional Regulation (IDFPR) to issue proclamations that permit banks in Illinois to close or alter their hours due to banking emergencies. 205 ILCS 610/2. For example, the IDFPR has released a proclamation authorizing banks to close due to this week’s winter storm.

As to notice requirements, the Banking Emergencies Act requires state-chartered banks to promptly notify the IDFPR and national banks to promptly notify the OCC. In addition, all banks must post “notice of the temporary closing and the authorization for the closing on the main entrance doors of the bank affected.” 205 ILCS 610/3. However, the Act does not require state-chartered banks to also notify their primary federal regulator, and we do not see any reason to notify the FDIC where they have indicated that such notice is unnecessary.

For more information on business continuity planning generally, please see the Disaster Preparedness page on gotoiba.com, which links to resources such as the FFIEC’s IT Handbook on Business Continuity Planning.