Wednesday, October 20, 2021

Answering questions about president’s Christmas Eve executive order

The executive order recently signed by President Trump concerning Christmas Eve has raised questions about if Dec. 24 is now a full-fledged holiday.

The OBA compliance team looked close at the order and have discerned it is NOT a holiday, but instead is simply allowing many federal employees the day off.

Here is the summation from our compliance team, and how it affects banks.

The president’s executive order provides for the closing of executive departments and agencies of the federal government on Dec. 24. It does not affect the Federal Reserve System, which is scheduled to be open and processing. It does not affect federally chartered banks, savings associations or other financial institutions. It did not create a national holiday.

Essentially, it gives lots of federal employees the day off.

Feel free to shoot an email (compliance@oba.com) to the OBA’s compliance team with any question concerning this issue.