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Proclamation of an Extraordinary Situation – DBO Proclamation

WHEREAS on August 18, 2020, Governor Gavin Newsom proclaimed that a state of emergency did then exist throughout California as a result of record‐breaking heat and hundreds of wildfires; and

WHEREAS Governor Newsom proclaimed that the extreme weather event has resulted in widespread lightning strikes, sparking fires throughout the state that have burned tens of thousands of acres; and

WHEREAS Governor Newsom found that several of these fires have rapidly spread, destroying and threatening homes and critical infrastructure, and forcing the evacuations of thousands of residents; and

WHEREAS the Bank Extraordinary Situation Closing Act, in Financial Code section 1092, empowers the Commissioner of Business Oversight, by proclamation, to authorize state‐chartered banks to close any or all of their offices in affected areas until the Commissioner determines the extraordinary situation has ended, or until the officers of the bank determine that one or more offices should reopen; and

WHEREAS an extraordinary situation is any condition or occurrence that may interfere or is inconsistent with the conduct of normal business operations at one or more offices of a bank or which poses a threat to the safety or security of persons or property, or both;

NOW THEREFORE I, MANUEL P. ALVAREZ, Commissioner of Business Oversight, in accordance with Governor Newsom’s proclamation that a state of emergency exists throughout California, and by the authority vested in me by Financial Code section 1092, HEREBY FIND AND PROCLAIM THAT AN EXTRAORDINARY SITUATION EXISTS THROUGHOUT CALIFORNIA.

I HEREBY AUTHORIZE state‐chartered banks throughout California to close any or all of their offices until further proclamation of the Commissioner that the extraordinary situation has ended or until such time as the officers of the bank determine that one or more closed offices should reopen and for such further time as may reasonably be required to reopen.

IN WITNESS WHEREOF I have hereunto set my hand and caused the Seal of the Commissioner of Business Oversight to be affixed on this 20th day of August 2020.

 

MANUEL P. ALVAREZ

Commissioner of Business Oversight

 

WITNESS:

AARON PROSPERI

Deputy Commission of Banking

 

Proclamation of an Extraordinary Situation – DBO Proclamation (PDF)