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#2247606 - 01/13/21 05:11 PM Cmpliance guidance in the event of a civil war
Anonymous
Unregistered

I have been asked to research any compliance guidance in the event of a civil war. Would anyone like to opine whether this would fall under Act of God? I am not sure where to begin. Any suggestions would be greatly appreciated.

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#2247612 - 01/13/21 05:23 PM Re: Cmpliance guidance in the event of a civil war Anonymous
HappyGilmore Online
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Pulling people out of the ditc...
an act of God normally is indicative of a weather related type of event, so i would say that war does not fall under this.

i'd suggest a call to your primary regulator and pose that question, i am not aware of any civil war guidance
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#2247619 - 01/13/21 06:19 PM Re: Cmpliance guidance in the event of a civil war Anonymous
#Just Jay Offline
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#Just Jay
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Cheeseheadland
Isn't it kind of going to depend which side you end up on?
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#2247620 - 01/13/21 06:24 PM Re: Cmpliance guidance in the event of a civil war #Just Jay
Anonymous
Unregistered

War is one of the emergency conditions listed in Regulation CC:

(f) Emergency conditions. Sections 229.10(c) and 229.12 do not apply to funds deposited by check in a depositary bank in the case of--

(1) An interruption of communications or computer or other equipment facilities;

(2) A suspension of payments by another bank;

(3) A war; or

(4) An emergency condition beyond the control of the depositary bank, if the depositary bank exercises such diligence as the circumstances require.

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#2247621 - 01/13/21 06:34 PM Re: Cmpliance guidance in the event of a civil war Anonymous
DeeQ Offline
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DeeQ
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Turnpike Exit 10
I would consider it an Act of Man, not god.
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#2247623 - 01/13/21 06:44 PM Re: Cmpliance guidance in the event of a civil war Anonymous
rlcarey Online
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rlcarey
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Galveston, TX
Let me check my copy of the Federal Register from 1859 smile
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#2247626 - 01/13/21 06:49 PM Re: Cmpliance guidance in the event of a civil war rlcarey
Skittles Online
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#2247632 - 01/13/21 07:47 PM Re: Cmpliance guidance in the event of a civil war Anonymous
Anonymous
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They say history repeats itself and wasn't the civil war a battle of ideologies and what people thought was right. Given the events of last week at the capital and rumors of what might yet happen--Well I guess we will have to wait until it happens- if it does and see what guidance our regulators provide us.

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#2247633 - 01/13/21 07:57 PM Re: Cmpliance guidance in the event of a civil war Anonymous
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,526
The Country
If we do have a civil war, which I very very highly doubt, the last thing I am going to be worried about is some dumb examiner giving me grief for some regulation violation.
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#2247641 - 01/13/21 09:26 PM Re: Cmpliance guidance in the event of a civil war RockChucker, CAMS
burkemi Offline
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Posts: 443
Originally Posted by RockChucker, CAMS
If we do have a civil war, which I very very highly doubt, the last thing I am going to be worried about is some dumb examiner giving me grief for some regulation violation.


To be fair - I wouldn't be overly worried about what a smart examiner would say, either. laugh
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#2247643 - 01/13/21 10:03 PM Re: Cmpliance guidance in the event of a civil war Anonymous
Anonymous
Unregistered

Are you all prepared for a "run" on the bank?

We are considering imposing a $5000.00 max cash withdrawal per account.

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#2247644 - 01/13/21 10:12 PM Re: Cmpliance guidance in the event of a civil war burkemi
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,526
The Country
Originally Posted by burkemi
Originally Posted by RockChucker, CAMS
If we do have a civil war, which I very very highly doubt, the last thing I am going to be worried about is some dumb examiner giving me grief for some regulation violation.


To be fair - I wouldn't be overly worried about what a smart examiner would say, either. laugh


Good point! 😁
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#2247646 - 01/13/21 11:11 PM Re: Cmpliance guidance in the event of a civil war Anonymous
Richard Insley Online
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Richard Insley
Joined: Oct 2000
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Toano, VA
Look at all of the bank's insurance carefully. Expect to find exclusions of coverage for losses due to war and acts of God. Assuming that to be the case, your success with a claim would depend on what caused the loss, the policies' definitions of exactly what is/isn't an act of war, and the type of evidence you will have to produce to support a claim.
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