§1831r–1 Notice of branch closure

Summary

Requires a bank that plans to close a branch to tell the federal bank regulator at least 90 days before the planned closing. The bank must explain why it wants to close the branch and give facts or numbers that support those reasons. The bank must also tell its customers. It must post a public notice at the branch for at least 30 days before the closing and include the notice in a regular account statement or send it in a separate mailing. Each bank must have written policies for closing branches. If a bank has branches in more than one State and wants to close a branch in a low- or moderate-income area, the customer notice must give the regulator’s mailing address and say people can send comments. If someone from the area sends a written request with specific reasons and the agency finds it not frivolous, the agency may act, but it cannot stop the closing if the bank met the notice rules. Definitions: “interstate bank” = a bank with branches in more than one State; “low- or moderate-income area” = a census tract with median family income under 80% of the area or State median. Exceptions include ATMs, small nearby relocations that don’t change service, and branch closings tied to certain emergency acquisitions or federal assistance.