Foreign Banking Organizations
- Topics:
- Financial Regulations
- Source:
- ALM Professional
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Overview: The FDICIA(The Federal Deposit Insurance Corporation Improvement Act), the Federal Reserve had amended the International Banking Act and increased the Federal Reserve’s authority with respect to these foreign bank operations, including representative offices, in the United States. The Federal Reserve may coordinate the examinations of foreign bank operations with other state and federal regulators. Branches and agencies are now required to be examined at least once during each twelve-month period in an on-site examination.The FDICIA also authorized the Federal Reserve to terminate the operations of foreign banks in the United States under certain conditions. The legislation requires Federal Reserve approval to establish foreign bank branches, agencies, commercial lending subsidiaries, and representative offices in the United States.
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Format: PDF | Size: 468KB | Date: Dec 1992 | Pages: 119
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