Question of the Week

Posted: Jun 17, 2021 | Author: Cornerstone Compliance Team

holiday closures Juneteenth

Question: Do we need to close in recognition of Juneteenth (or the Friday prior as observed this year), which was just signed into law as the newest Federal holiday?

Answer: It’s a business decision. Your credit union may be open or closed on any day that you wish, including federal banking holidays. If you do choose to close, be aware that you may still need to take steps to ensure that ACH processing and other operations may need to be processed as usual until associated entities make changes.

It is a good business practice to provide members with advance notice of non-emergency closures, although this is not mandated by regulations for either state or federal credit unions. As this law was just passed, advance notice was not possible, but you may still decide to close at your option.