OKLAHOMA CITY – Financial institutions across the state are making adjustments to accommodate their customers despite the coronavirus threat.
“We are letting them make decisions based on their circumstances and using their best judgment,” State Banking Commissioner Mick Thompson said Thursday.
Many banks are closing the lobby, especially those that typically are high-traffic areas, and diverting customers to drive-through windows.
“If a customer needs a loan, they’re making an appointment and meeting in an office that’s been thoroughly sanitized,” Thompson said.
At some banks, hours and procedures for certain services, such as access to safe-deposit boxes, have been modified. As a general rule now, customers are asked to make an appointment to access a safe-deposit box; that affords bank personnel an opportunity to clean and disinfect the room beforehand.
Many banks are utilizing night drops for businesses such as groceries and gas stations “so they can make after-hours bank deposits,” Thompson said.
And, of course, banks are allowing as many employees as possible to work remotely from home, said Thompson – who was interviewed by ’phone while sitting on his patio, answering dozens of email messages.
“So far, everybody is taking care of customers,” he said. And banks will remain open; the Universal Commercial Code requires a bank to be open four days per week, which means it can be closed for no more than three consecutive days in a week.
“We saw this coming, so we got our staff together and worked out a game plan,” Thompson said. “Our IT department got ahead of the curve.” State Banking Department examiners are able to work offsite and perform their bank examinations remotely, he said. Banks scan their files and documents and transmit the records to the Banking Department’s “tech-savvy” examiners via a secure network, Thompson said. The examiners review those files and coordinate with the Federal Deposit Insurance Corp. and the Federal Reserve.
“Certainly there have been some disruptions, but nothing on the scale of what could have been,” the commissioner said. “People are adjusting.”
The state Banking Department is responsible for regulating Oklahoma’s banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as and money order companies. The department also handles consumer complaints involving state-regulated financial institutions.
The Banking Department regulates approximately 148 banks and credit unions that collectively have “around $74 billion in assets,” Thompson said.