Regulatory Alerts2017-01-09
Added
Proper Conduct of Banking Business Directive no. 400: Closure of Bank Branches and Downsizing of Teller Services
The Proper Conduct of Banking Business Directive no. 400 requires banking corporations to establish Board-approved policies and work plans for closing branches and downsizing teller services, ensuring alignment with the bank's overall strategy. Banking corporations must conduct a prior examination of the impact on customers, particularly vulnerable populations, and formulate a continuity plan that includes measures such as automated banking machines, mobile branches, or extended hours at nearby locations. The Directive mandates that customers receive notice of branch closures or teller service discontinuations sixty days before the change, which must occur only after the Supervisor of Banks approves the application. Additionally, the Directive sets standards for service quality at automated machines and requires the maintenance of adequate cash availability for diverse customer needs.
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