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#1369508 - 04/05/10 08:28 PM Fed Reserve holiday schedule
morirse de risa Offline
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Midwest
Is there any requirement for a Fed Reserve member bank to be open when the Federal Reserve is open? Or can banks close on certain days at their discretion?

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#1369562 - 04/05/10 11:43 PM Re: Fed Reserve holiday schedule morirse de risa
rlcarey Online
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rlcarey
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Galveston, TX
If you are a member of the Fed, that means you are a State bank and would have to look to State law for guidance.
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#1369567 - 04/05/10 11:56 PM Re: Fed Reserve holiday schedule rlcarey
BurntSienna Offline
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Midwest
For many many years, my bank's lobby was closed every Wednesday and obviously the Fed Reserve was open. So, I believe the answer (at least in Illinois) is that banks can close on certain days at their discretion.
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#1369612 - 04/06/10 02:23 PM Re: Fed Reserve holiday schedule BurntSienna
morirse de risa Offline
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Midwest
I did find my state's requirements, thank-you. But what about national banks?

National banks are members of the Federal Reserve. Is there a requirement somewhere for them?

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#1369744 - 04/06/10 03:43 PM Re: Fed Reserve holiday schedule morirse de risa
Georgia Plum
Unregistered

Not that I'm aware of, however, you are still held to the midnight deadline for returns even if you are closed. It's a risk you'd have to consider.

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#1370200 - 04/07/10 12:28 AM Re: Fed Reserve holiday schedule
rlcarey Online
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rlcarey
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Galveston, TX
National Bank's are not members of the Federal Reserve and are governed under the National Bank Act.
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#1370215 - 04/07/10 01:38 AM Re: Fed Reserve holiday schedule rlcarey
califgirl Offline
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califgirl
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The O.C., California
http://www.frbsf.org/publications/federalreserve/fedinbrief/organize.html

Member Banks in the Fed System

National banks chartered by the federal government are, by law, members of the Federal Reserve System. State-chartered banks may choose to become members of the Federal Reserve System if they meet the standards set by the Board of Governors.
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#1370223 - 04/07/10 02:57 AM Re: Fed Reserve holiday schedule califgirl
rlcarey Online
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rlcarey
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Galveston, TX
OK - you got me on that one smile , but they are still govern under the National Bank Act and the rules promulgated by the OCC. State member banks are governed under State law for the closing of branch offices.
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#1370229 - 04/07/10 04:12 AM Re: Fed Reserve holiday schedule rlcarey
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Correct - all national banks MUST be fed members, while being regulated by the OCC. The differences come in for the state banks - fed members are regulated by the FED and non-Fed members by the FDIC. And then there are the thrifts, regulated by the OTS. It's craziness.
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#1370231 - 04/07/10 04:18 AM Re: Fed Reserve holiday schedule Kathleen O. Blanchard
rlcarey Online
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rlcarey
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Galveston, TX
It is crazy, then throw in the fact that all State banks are also governed under their own State laws and State regulatory agencies, then it really is a confusing mess.
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#1370232 - 04/07/10 04:50 AM Re: Fed Reserve holiday schedule rlcarey
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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And of course the "Fed" alphabet regs apply to all. Reminds me of a friend when I worked in NYC. Family was coming to visit from another country. They were going on an auto trip and set up envelopes for the money for the various states because they had been told how laws changed from state to state. At least we draw the line somewhere.
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#1370305 - 04/07/10 01:36 PM Re: Fed Reserve holiday schedule Kathleen O. Blanchard
John Burnett Offline
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John Burnett
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Cape Cod
National Banks are subject to regulations of the Comptroller of the Currency, at 12 CFR Part 7, ยง7.3000.
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