PA Department of Banking and Securities Clarifies that Banks, Credit Unions, and Non-Depository Licensees Do Not Need to Close Physical Operations

The Pennsylvania Department of Banking and Securities has issues guidance clarifying Governor Wolf’s order that “non-life-sustaining businesses” close their physical locations.  The Department stated that:  “banks, credit unions, and non-depository licensees are NOT required to shutdown their physical locations.  Credit intermediation and related activities also do not require physical closure.  Banks, credit unions, and non-depository licensees are encouraged to remain open and operational and to follow best practices for social distancing.”

The department’s guidance is located here.