5 Mar 2013

American Samoa's Hunkin asks if BOH met notifications requirements

11:52 am on 5 March 2013

The American Samoa Congressman Faleomavaega Eni Hunkin is asking the United States Federal Reserve Board to look into whether the Bank of Hawaii has met notification requirements for its pullout from the territory.

The Bank of Hawaii is due to close its doors on March the 15th.

Faleomavaega says an institution must notify a customer at least 90 days in advance of its proposed closure in at least one of the regular account statements mailed to customers.

He says residents and constituents claim they did not receive any written notice from the Bank about its decision to cease operations.

Faleomavaega asked the Federal Reserve to investigate if Bank of Hawaii has met this requirement and ensure that it continues to operate in the territory until the issue has been properly resolved.