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Questions and Answers
Which of the following is considered as an exception to Section 42 of the FDI Act?
Which of the following is considered as an exception to Section 42 of the FDI Act?
- Relocation of a branch within the immediate neighborhood without substantially affecting the nature of the business or customers served (correct)
- Relocation of a branch to a different neighborhood
- Relocation of a branch to a low-income area
- Closure of a branch due to financial reasons
What type of notice is required for the relocation or consolidation of one or more branches into another branch?
What type of notice is required for the relocation or consolidation of one or more branches into another branch?
- Notice in an ATM, remote service facility, loan production office, or temporary branch (correct)
- Notice in a local newspaper
- Notice in a national publication
- Notice on the institution's website
What should be included in the notice if an interstate bank proposes to close a branch in a low- or moderate-income area?
What should be included in the notice if an interstate bank proposes to close a branch in a low- or moderate-income area?
- Mailing address of the FDIC and statement for mailing comments to the FDIC (correct)
- Statement for mailing comments to the Federal Reserve
- Statement for mailing comments to the OCC
- Mailing address of the Federal Reserve
When should the notice to branch customers be posted for a proposed branch closing?
When should the notice to branch customers be posted for a proposed branch closing?
What is one of the objectives for determining compliance with statutory requirements for branch closings?
What is one of the objectives for determining compliance with statutory requirements for branch closings?
What should be included in the institution's adopted branch closing policy?
What should be included in the institution's adopted branch closing policy?
When should an institution provide adequate notice of all branch closings to the FDIC?
When should an institution provide adequate notice of all branch closings to the FDIC?
What should be included in at least one regular account statement mailed to customers of the branch proposed to be closed?
What should be included in at least one regular account statement mailed to customers of the branch proposed to be closed?
What is one examination objective related to determining compliance with statutory requirements for branch closings?
What is one examination objective related to determining compliance with statutory requirements for branch closings?
When should an institution provide prior notification of any branch closing?
When should an institution provide prior notification of any branch closing?
What does Section 42 of the FDI Act require financial institutions to do when proposing to close a branch?
What does Section 42 of the FDI Act require financial institutions to do when proposing to close a branch?
What is the time requirement for providing notice of a proposed branch closing to customers as per Section 42?
What is the time requirement for providing notice of a proposed branch closing to customers as per Section 42?
What type of facilities are considered as branches for the purpose of Section 42?
What type of facilities are considered as branches for the purpose of Section 42?
What information must be included in the notice of a proposed branch closing?
What information must be included in the notice of a proposed branch closing?
When did the requirement for providing notice of branch closings come into effect?
When did the requirement for providing notice of branch closings come into effect?
(True/False) Financial institutions are not required to adopt policies for closings of branches.
(True/False) Financial institutions are not required to adopt policies for closings of branches.
What are the special content requirements for closing notices relating to branches in low- or moderate-income areas?
What are the special content requirements for closing notices relating to branches in low- or moderate-income areas?
What is considered as a branch for purposes of Section 42?
What is considered as a branch for purposes of Section 42?
What does Section 42(b) require financial institutions to do?
What does Section 42(b) require financial institutions to do?
What is one key requirement for financial institutions before proposing a branch closure?
What is one key requirement for financial institutions before proposing a branch closure?
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