We are an FDIC bank in the process of reviewing our branch closing procedures. According to Section 42 (see below), we are to ".... submit a notice of the proposed closing to the appropriate Federal banking agency not later than the first day of the 90-day period. Would that be business or calendar days? If business, should we use the Reg Z definition?

SEC. 42. NOTICE OF BRANCH CLOSURE

(a) NOTICE TO APPROPRIATE FEDERAL BANKING AGENCY.

(1) IN GENERAL. --An insured depository institution which proposes to close any branch shall submit a notice of the proposed closing to the appropriate Federal banking agency not later than the first day of the 90-day period ending on the date proposed for the closing.

Calendar, when it is not specifically defined. Business days serves no purpose in this sort of notice requirement.

Thanks! I was leaning towards business days. Is it standard to assume it's calendar when not defined?

In this case, they use calendar days rather than saying three months advance notice or one month, etc. Typically, yes it would be calendar days when it does not specifically refer to business days or otherwise define what constitutes a day.

Learned something new! Thanks again.