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Emergency Closing Requirements for State-Chartered Institutions

Tuesday, February 16, 2021

Section 603 of the Oklahoma Banking Code provides authority to the officers of a bank or credit union to close the institution (or one or more of its facilities) when an emergency exists – which could include the upcoming winter storm.  Notice must be given to the Department when the bank or credit union decides to close because of an emergency.  Also, the Commissioner’s approval is required if the institution or facility remains closed longer than 48 hours (excluding Monday’s holiday).  In other words, a bank or credit union can close one or all its facilities on Tuesday and Wednesday next week with just a notice to the Department – but would need approval to be closed longer than that. 

As for hours of operation, the institution can change them (close early or open later) without prior notice to, or approval from, the Banking Department.

Last Modified on Feb 16, 2021
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