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|Branch Closures HR FAQ|
FAQ BRANCH CLOSURES
HOW ARE OTHER CREDIT UNIONS ACCOMMODATING MEMBERS WHEN A BRANCH OR LOBBY IS CLOSED?
WHAT FUNCTIONS ARE CONSIDERED CRITICAL FOR MEMBERS?
According to the Department of Homeland Security, the following functions are critical for members:
May a credit union restrict access or close its facilities?
Yes. Credit unions may take reasonable actions to protect the health and safety of staff and members. Credit unions should follow the guidance from federal, state and local authorities with respect to such measures. Credit unions have the flexibility to make reasonable, good faith decisions to close branches and offer members services through other channels such as by phone, at automated teller machines, or via online and mobile platforms.
Credit unions are not required to notify the NCUA of branch closures unless there is an interruption in vital member services exceeding two days, in which case credit unions have five days to notify their regional director in accordance with 12 C.F.R. § 748.1(b). Vital member services mean informational account inquiries, share withdrawals and deposits, and loan payments and disbursements. (12 C.F.R. § 749.1)
State-chartered credit unions should notify the Minnesota Department of Commerce of any branch closures as soon as practical and should also be notified once the location reopens.
Minn. Department of Commerce
Maxwell Zappia, Deputy Commissioner Maxwell.firstname.lastname@example.org
Marcia Lewis, Chief Examiner Marcia.email@example.com phone: 651-539-1709
NCUA Regional Director
Jennifer Hernandez firstname.lastname@example.org