Certified Regulatory Compliance Manager (CRCM) — Question 273

Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?

Answer options

• A. Publish a notice of the closing in the local newspaper
• B. Send a notice to its regulatory agency
• C. Send notices to the branch customers
• D. Post a notice at the branch

Correct answer: A

Explanation

According to federal law, banks are not required to publish a notice in the local newspaper when closing a branch. However, they must inform their regulatory agency and notify branch customers, as well as post a notice at the branch to ensure compliance with communication requirements.