A No. Federally insured banks are required to go through such a process, but NCUA’s rules and regulations contain no such requirements for credit union branch closures.
However, credit unions will want to let members know about branch closures before they occur.
Credit unions often ask whether the Worker Adjustment and Retraining Notification (WARN) Act applies to branch closures. It requires employers to provide notification 60 calendar days in advance of “plant closings and mass layoffs.”
So, it’s unlikely that it would ever apply to credit union branch closings. And, there’s no reference to the WARN Act in NCUA's regulations or guidelines.
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WASHINGTON (5/4/15, UPDATED 1:45 p.m. ET)--Building on the success credit union advocates are having in getting data breach legislation introduced in the U.S. Congress, today CUNA launches a new call to action to garner support for the recently introduced House Data Security Act of 2015 (H.R. 2205).