Erin Busse, JD Associate General Counsel Compliance Alliance Erin earned a bachelor’s degree from Loyola University in New Orleans and her Juris Doctor from Saint Louis University with a focus on business and financial subjects, such as transactional drafting, bankruptcy and securities trading. money lent,” and would effectively have the same consequence for consumers as a branch closure would, so Section 42 notification requirements apply. Understanding the nuances of branch closing regulations is essential for banks to remain compliant and maintain customer trust. While the guidelines may seem straightforward, there are complexities that require careful consideration, and branch closings can implicate rules beyond just those contained in Section 42, such as the Community Reinvestment Act, as one example. As such, it’s crucial for banks to proactively review the federal and state-specific branch closing rules with legal and compliance experts when planning any changes to branch operations. This ensures that all necessary notifications are provided, customer disruptions are minimized and the bank remains in compliance with all applicable regulations. Remember, transparency and clear communication are key to maintaining positive relationships with both customers and regulators. Compliance Alliance is a Preferred Service Provider of the Indiana Bankers Association. FOOTNOTES *12 U.S.C. § 1831r-1 OPERATIONS & TECHNOLOGY CONT. 54 HOOSIERBANKER At C/A’s Compliance Hub, we know where to start and we’re here when you need to circle back for clarification. We’re Compliance Alliance. info@compliancealliance.com or (888) 353-3933 Our banks find Compliance Hub’s services vital for situations like these. C M Y CM MY CY CMY K
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