International Banking Act

Summary

International Banking Act - Allows a foreign bank to establish and operate a Federal branch or agency in any State in which it is not prohibited for a foreign bank to establish a branch, upon receipt or certification of authority from the Comptroller of the Currency. Allows the Comptroller to waive the requirement of citizenship in the case of not more than a minority of the total number of directors of a national bank. Requires the Comptroller, in issuing certificates of authority, to consider the effect of the branch on the domestic or foreign commerce, future prospects of the bank, and the needs of the community. Allows a foreign bank to convert any branch operated pursuant to State law into a federally-certified branch to be operated under this Act, with the approval of the Comptroller. Terminates the authority to operate a Federal branch when: (1) the parent bank voluntarily relinquished it; (2) the parent bank is dissolved; or (3) the Comptroller has reasonable cause to believe that a foreign bank has not complied with the provisions of this Act and revokes the authority to operate a Federal branch. Sets forth the assets which foreign banks are required to keep on deposit before the Federal branch may accept deposits of United States residents or businesses. Prohibits foreign banks from retaining interests in non-banking companies or from participating in non-banking activities with specified exceptions. Requires the Secretary of the Treasury to issue guidelines with respect to the banking operations of foreign banking organizations in banking in the United States. Requires each foreign bank that maintains an office other than a branch or agency in a State to register with the Secretary of the Treasury.

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Documents

2 official files

• Passed House amended

  summary · EN · 29 July 1976

  Open at official source

• Introduced in House

  summary · EN · 18 May 1976

  Open at official source

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