Use access key #2 to skip to page content.

alstry (36.12)

H1N1...EMERGENCY BANK SHUTDOWNS????

Recs

14

October 25, 2009 – Comments (1)

TO:                  All Tennessee State Chartered Banks
SUBJECT:       Closing of Bank Offices - TCA §45-2-603 and §45-2-604
DATE:             August 5, 2009
                               
This bulletin is intended to address specifically the issue of suspending bank office activity in response to possible H1N1 (swine flu) outbreaks and more generally to emergency powers of banks in response to disasters.  Additionally, this bulletin provides certain guidance should a Tennessee state bank close certain offices under the authority of TCA §45-2-603 and §45-2-604 in the discretion of its directorate and management.

Banks organized under the laws of the State of Tennessee may, at their discretion, temporarily close offices or operations in areas affected by an emergency resulting from fire, act of God, attack by a foreign nation, riot, insurrection, civil disorder or any similar disaster without prior approval of the commissioner in accordance with TCA §45-2-603 and §45-2-604.

The Department of Financial Institutions considers bank determinations that H1N1 outbreaks pose legitimate health risks to the general public or significantly impacts the ability of a banking institution to maintain an appropriate level of personnel on site to meet customer needs to be included among any “similar disaster” as referenced in TCA §45-2-603.  Other events may also be included among any similar disaster, and the directorate and executive management are encouraged to use reasonable discretion in applying TCA §45-2-603 and §45-2-604.  However, the safety of institution personnel and local citizens are of paramount importance when evaluating the appropriateness of closing offices. 

http://www.tennessee.gov/tdfi/banking/bulletins/B-09-1.html

9.09 HAS OCCURED....10.24.09 STATE OF EMERGECY DECLARED.....PREPARE TO FEEL BY 11.10.9........

1 Comments – Post Your Own

#1) On October 25, 2009 at 11:05 AM, alstry (36.12) wrote:

DEATH SPIRAL NOW EVERYWHERE!! NO ONE IMMUNE!!!!!!

Today, Atlantic City, in the eyes of one gambling executive, Tim Wilmott, is in a “death spiral.”

Rows of slot machines stand eerily empty. Over the summer, the Tropicana was sold in bankruptcy court; another 3 of the town’s 11 casinos are currently under bankruptcy protection. The lender for yet another, Resorts International, is in talks to take it over and could by year-end. Resorts was the first casino outside of Las Vegas to offer legal gambling, in 1978.

Many of the rooms stuffed inside luxurious towers built during the high times are empty during the week. And plans for a majority of the megacasinos have been shelved. Only one, the Revel, is under construction — and many question whether its developers will be able to raise enough money to finish the project.

The economic slowdown has shown that the gambling industry is not quite as recession-proof as was so long believed.

http://www.nytimes.com/2009/10/25/business/economy/25casino.html?8dpc=&_r=1&adxnnl=1&adxnnlx=1256482876-/bgi987z7g3mgCQRcnonVg

Report this comment

Featured Broker Partners


Advertisement