66° and Clear
Image
A misrepresentation of Banking rules suggests Banks cannot close more than three days. There is no such Federal or California restriction. Texas has a restriction.
According to the Code of Federal Regulations Title 12, Chapter I, Part 7, Subpart C
7.3000 -- National bank and Federal savings association operating hours and closings.
There is no federal law prohibiting a bank from closing three or more consecutive days. However, what constitutes a business day is regulated. Because it factors in how long they can hold your funds.
California Finance Code 1093 addresses bank days/hours of operation, as does section 2003
The authority to declare a bank holiday rests with the states and the Comptroller of the Currency
" Emergency closings declared by the Comptroller. Pursuant to 12 U.S.C. 95(b)(1) and 1463(a)(1)(A), the Comptroller of the Currency (Comptroller), may declare any day a legal holiday if emergency conditions exist. That day is a legal holiday for national banks, Federal savings associations, and Federal branches or agencies in the affected geographic area (i.e., throughout the United States, in a State, or in part of a State), and national banks, Federal savings associations, and Federal branches and agencies may temporarily limit or suspend operations at their affected offices, unless the Comptroller by written order directs otherwise."
31 U.S.C. § 703, "The Comptroller General and Deputy Comptroller General are appointed by the President, by and with the advice and consent of the Senate....the term of the Comptroller General is 15 years. The Comptroller General may not be reappointed."
The current Comptroller is Jonathan V. Gould, he was sworn in as the 32nd Comptroller of the Currency on July 15, 2025.
1913 - President Woodrow Wilson signed the Federal Reserve Act, which established the nation’s central bank to monitor and control the volume of money and provide liquidity in times of financial stress......As a result, the OCC began gradually turning over the job of creating and managing U.S. currency to the Federal Reserve System and sharpened its focus on maintaining the safety and soundness of the national banking system."
Emergency Banking Act of 1933 | Federal Reserve History
Franklin Roosevelt was inaugurated Saturday, March 4, 1933 as the 33rd President. He served an unprecedented four terms.
As a result of the Great Depression (the crash of the stock market had occurred over three years prior in October 1929) people had lost confidence in banks.
Sunday, March 5th - Roosevelt called a special session of Congress and declared a four-day banking holiday that shut down the banking system, including the Federal Reserve.
Thursday, March 9th - Emergency Banking Act of 1933 is introduced to Congress. It passed the same day. " In fact, many in Congress did not even have an opportunity to read the legislation before a vote was called for." There was no stipulation concerning the length of time a bank could be closed.
Sunday, March 12th - Roosevelts first Fireside Chat he explained the legislation including "The new law allows the twelve Federal Reserve Banks to issue additional currency on good assets and thus the banks that reopen will be able to meet every legitimate call. The new currency is being sent out by the Bureau of Engraving and Printing to every part of the country....
- Title I expanded presidential authority during a banking crisis, including retroactive approval of the banking holiday and regulation of all banking functions, including "any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin."
- Title IV gave the Federal Reserve the flexibility to issue emergency currency—Federal Reserve Bank Notes—backed by any assets of a commercial bank.
Roosevelt announced that the next day, March 13, banks in the twelve Federal Reserve Bank cities would reopen. Then, on March 14, banks in cities with recognized clearing houses (about 250 cities) would reopen. On March 15, banks throughout the country that government examiners ensured were sound would reopen and resume business.
More News from Calabasas
- The New Trader Joes Tote Bags- Already Being Resold! The striped bags were released June 17th and as expected received much attention and sold out quickly. Now we are seeing them on Etsy and other aftermarket sites.
- Call for Artisans for July 11th at My Creative Outlet West End Arts Collective, 21750 Devonshire St, Chatsworth, CA 91311, USA
