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Can you summarize 12 CFR 211.5?
International Operations of U.S. Banking Organizations > Edge and agreement corporations.
Short Summary
This legal document, issued by the Board of Governors of the Federal Reserve System, governs the establishment of Edge corporations, investments in agreement corporations, and member banks’ proposals to invest in Edge and agreement corporations. The document outlines the authority of the Board to approve these actions and provides guidelines for the organization and operation of Edge corporations. It also specifies the factors considered by the Board in acting on proposals, the ownership requirements, and the limitations on investments in Edge and agreement corporations. Additionally, the document addresses the requirements for foreign institutions seeking to own Edge corporations, domestic branching by Edge corporations, and investments in agreement corporations. It also covers reserve requirements, interest rate limitations, reporting of crimes and suspected crimes, protection of customer and consumer information, and procedures for monitoring Bank Secrecy Act compliance.
Whom does it apply to?
Board of Governors of the Federal Reserve System, member banks, Edge corporations, agreement corporations, and foreign institutions
What does it govern?
Establishment of Edge corporations, investments in agreement corporations, and member banks' proposals to invest in Edge and agreement corporations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government