Does the California DFI regulate what days a bank may be closed? It’s my understanding that in light of the alternate funds availability, the “72 hour rule” was no longer valid. Here’s an example, Thanksgiving is a legal holiday, can a bank be closed on the Friday after?

Refer to DFI Laws Relating to Financial Institutions, Chapter 20. The day after a legal holiday does not fall under either section 3603(a)or 3603(b) and since a banking day clearly does not include Legal Holidays, Saturday or Sunday I would not recommend that my institution close on the Friday after Thanksgiving. We do however operate with a skeleton staff due to low volumn and have in the past had contests where staff could win the day after Thanksgiving off with pay for being the top seller of services/products.

Here is the pertinent text:

3603. (a) Whenever the officers of a bank are of the opinion that an extraordinary situation exists which affects or
may affect one or more of a bank’s offices, they shall have the authority in the reasonable and proper exercise of their
discretion to determine not to open such offices on any business or banking day, or, if such offices have opened to close
one or more of them during the continuation of such extraordinary situation even if the commissioner has not issued and
does not issue a proclamation of extraordinary situation. The office or offices so closed shall remain closed until such
time as the officers determine with respect to each such office that the extraordinary situation has ended and for such
further time thereafter as may reasonably be required to be reopened; however, in no case shall such office or offices
remain closed for more than 48 consecutive hours excluding other legal holidays without requesting the approval of the
commissioner nor, in case such request is denied by the commissioner, for more than 24 consecutive hours excluding
other legal holidays after such denial.
(b) The officers of a bank may close one or more of the bank’s offices on any day or days designated for mourning,
rejoicing, or other special observance by proclamation of the Governor or the President of the United States.
(Amended by Stats. 1996, Ch. 1064, Sec. 439. Effective January 1, 1997. Operative July 1, 1997.)


I need some clarification, I looked at the entire DFI Financial code and was not able to find any other sections discussing this topic..

Can anyone helpme out...

We are planning to close for 3 consecutive business days, the third day will be a "legal holiday", We will have an skeleton crew to take care of the item processing and funds availability issue.... Is there a Financial code that addressess this issue?