Branch Closures HR FAQ

FAQ BRANCH CLOSURES

 

HOW ARE OTHER CREDIT UNIONS ACCOMMODATING MEMBERS WHEN A BRANCH OR LOBBY IS CLOSED?

  • Providing drive-thru services and dedicate additional staff to minimize wait-times.
  • Ensuring members are aware of all other options (Online Banking, ATMs, Night-Drop Service, etc.) for conducting transactions and receiving services.
  • Providing in-person services on an appointment-only basis and after the member has completed a health screening.
  • Rotating frontline staff to help compensate for employees who are not available to work.

 

WHAT FUNCTIONS ARE CONSIDERED CRITICAL FOR MEMBERS?

According to the Department of Homeland Security, the following functions are critical for members:

  • The ability to deposit funds and make payments to other parties.
  • Access to credit and liquidity.
  • Ability to invest for both long and short periods.
  • Ability transfer financial risks.

SOURCE: Dept. of Homeland Security Overview of Financial Sector

 

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.

Contact information for the Minnesota Department of Commerce and NCUA Regional Director.

Minn. Department of Commerce

Maxwell Zappia, Deputy Commissioner                 Maxwell.zappia@state.mn.us

Marcia Lewis, Chief Examiner                                 Marcia.lewis@state.mn.us          phone: 651-539-1709

NCUA Regional Director

Jennifer Hernandez                                                  jhernandez@ncua.gov

 

SOURCES: NCUA LETTER NO: 20-CU-02; MN DEPT. OF COMMERCE LTR – EMERGENCY CLOSINGS RELATED TO COVID-19

 

 

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034