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Can you summarize 12 CFR 211.24?
Foreign Banking Organizations > Approval of offices of foreign banks; procedures for applications; standards for approval; representative office activities and standards for approval; preservation of existing authority.
Short Summary
This document, issued by the Board of Governors of the Federal Reserve System, provides regulations and procedures for the approval of offices of foreign banks in the United States. It states that foreign banks must obtain the approval of the Board before establishing a branch, agency, commercial lending company subsidiary, or representative office in the United States. The document outlines the requirements for prior notice, general consent, and after-the-fact Board approval for certain offices. It also specifies the standards for approval, including the need for comprehensive supervision or regulation by the foreign bank’s home country supervisor. The document further addresses the activities permitted for representative offices and the additional requirements for certain interstate applications. It emphasizes the preservation of existing authority and compliance with other applicable federal or state laws. No specific penalties are mentioned in this document.
Whom does it apply to?
Foreign banks seeking to establish branches, agencies, commercial lending companies, or representative offices in the United States.
What does it govern?
Approval of offices of foreign banks; procedures for applications; standards for approval; representative office activities and standards for approval; preservation of existing authority.
What are exemptions?
The Board may waive the 45-day notice period for certain offices if immediate action is required. The Board may also suspend the notice period or require Board approval prior to the establishment of an office if significant policy or supervisory concerns are raised.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
U.S. Federal Government