FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 42. NOTICE OF BRANCH CLOSURE
(a) Notice to Appropriate Federal Banking Agency.--
[Codified to 12 U.S.C. 1831r--1(a)]
[Source: Section 2[42(a)], formerly 2[39(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 228 of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2308), effective December 19, 1991; redesignated as section 42(a) by section 1602(a) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4078), effective December 19, 1991]
(b) Notice to Customers.--
by not later than the beginning of the 90-day period ending on the date proposed for that closing.
[Codified to 12 U.S.C. 1831r--1(b)]
[Source: Section 2[42(b)], formerly 2[39(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 228 of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2308), effective December 19, 1991; redesignated as section 42(b) by section 1602(a) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4078), effective December 19, 1991]
(c) Adoption of Policies.--Each insured depository institution shall adopt policies for closings of branches of the institution.
[Codified to 12 U.S.C. 1831r--1(c)]
[Source: Section 2[42(c)], formerly 2[39(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 228 of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2308), effective December 19, 1991; redesignated as section 42(c) by section 1602(a) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4078), effective December 19, 1991]
(d) Branch Closures in Interstate Banking or Branching Operations.--
the agency shall consult with community leaders in the affected area and convene a meeting of representatives of the agency and other interested depository institution regulatory agencies with community leaders in the affected area and such other individuals, organizations, and depository institutions (as defined in section 19(b)(1)(A) of the Federal Reserve Act) as the agency may determine, in the discretion of the agency, to be appropriate, to explore the feasibility of obtaining adequate alternative facilities and services for the affected area, including the establishment of a new branch by another depository institution, the chartering of a new depository institution, or the establishment of a community development credit union, following the closing of the branch.
[Codified to 12 U.S.C. 1831r--1(d)]
[Source: Section 2[42(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 106 of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2357), effective September 29, 1994]
(e) Scope of Application.--This section shall not apply with respect to--
[Codified to 12 U.S.C. 1831r--1(e)].
[Source: Section 2[42(e)] of the Act of September 21, 1950 (Pub.L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 2213 of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--411), effective September 30, 1996.]