12 U.S. Code § 1831r–1 - Notice of branch closure
(a) Notice to appropriate Federal banking agency
(1) In general
An insured depository institution which proposes to close any branch shall submit a notice of the proposed closing to the appropriate Federal banking agency not later than the first day of the 90-day period ending on the date proposed for the closing.
(b) Notice to customers
(1) In general
An insured depository institution which proposes to close a branch shall provide notice of the proposed closing to its customers.
(2) Contents of notice
Notice under paragraph (1) shall consist of—
(A) posting of a notice in a conspicuous manner on the premises of the branch proposed to be closed during not less than the 30-day period ending on the date proposed for that closing; and
(c) Adoption of policies
Each insured depository institution shall adopt policies for closings of branches of the institution.
(d) Branch closures in interstate banking or branching operations
(1) Notice requirements
In the case of an interstate bank which proposes to close any branch in a low- or moderate-income area, the notice required under subsection (b)(2) of this section shall contain the mailing address of the appropriate Federal banking agency and a statement that comments on the proposed closing of such branch may be mailed to such agency.
(2) Action required by appropriate Federal banking agency
If, in the case of a branch referred to in paragraph (1)—
(A) a person from the area in which such branch is located—
(i) submits a written request relating to the closing of such branch to the appropriate Federal banking agency; and
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 461 (b)(1)(A) of this title) 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.
(3) No effect on closing
No action by the appropriate Federal banking agency under paragraph (2) shall affect the authority of an interstate bank to close a branch (including the timing of such closing) if the requirements of subsections (a) and (b) of this section have been met by such bank with respect to the branch being closed.
For purposes of this subsection, the following definitions shall apply:
(A) Interstate bank defined
The term “interstate bank” means a bank which maintains branches in more than 1 State.
(B) Low- or moderate-income area
The term “low- or moderate-income area” means a census tract for which the median family income is—
(i) less than 80 percent of the median family income for the metropolitan statistical area (as designated by the Director of the Office of Management and Budget) in which the census tract is located; or
(e) Scope of application
This section shall not apply with respect to—
(2) the relocation of a branch or consolidation of one or more branches into another branch, if the relocation or consolidation—
Source(Sept. 21, 1950, ch. 967, § 2, formerly § 2, as added Pub. L. 102–242, title II, § 228,Dec. 19, 1991, 105 Stat. 2308; renumbered § 2, Pub. L. 102–550, title XVI, § 1602(a),Oct. 28, 1992, 106 Stat. 4078; amended Pub. L. 103–328, title I, § 106,Sept. 29, 1994, 108 Stat. 2357; Pub. L. 104–208, div. A, title II, § 2213,Sept. 30, 1996, 110 Stat. 3009–411.)
1996—Subsec. (e). Pub. L. 104–208added subsec. (e).
1994—Subsec. (d). Pub. L. 103–328added subsec. (d).
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