Certified Regulatory Compliance Manager (CRCM) — Question 274

Big Nationwide Bank has decided to close one of its smaller branches in Texas. A community association from the small town where the branch is located is not pleased with the decision because Big Nationwide's branch is the only financial institution in the small town. The community group complains to the federal agency that regulates Big Nationwide. What must Big Nationwide do in light of this protest against its decision to close the branch?

Answer options

• A. Re-post the notice and wait an additional 90 days
• B. Send the federal agency a detailed statistical analysis that is consistent with its branch closing policy and that proves why closing the branch is economically necessary
• C. Meet with the community group, explain their reasoning, and help the group find some alternative financial services
• D. Nothing is required

Correct answer: D

Explanation

The correct answer is D, as banks are typically not obligated to take any action in response to public protests regarding branch closures. The other options suggest actions that may be perceived as proactive but are not legally required by the bank in this situation.