International Banking Act

Summary

International Banking Act - Amends the Federal Reserve Act to permit foreign banks to establish and operate Federal branches in any State in which it is not prohibited for a foreign bank to establish such a branch upon receipt of approval from the Comptroller of the Currency. Sets forth considerations which the Comptroller must take into account in determining whether to permit foreign banks to operate under this Act. Permits the Comptroller, in his discretion to waive specified citizenship requirements with respect to directors of associations which are subsidiaries or affiliates of foreign banks. Permits a foreign bank, with the approval of the Comptroller, to convert any branch operated pursuant to State law into a Federal branch or agency. Terminates the authority to operate a Federal Federal branch when (1) the parent bank voluntarily relinquishes it; (2) the parent bank is dissolved; (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; or (4) when a conservator is appointed for such foreign bank. Prohibits any branch from accepting deposits of United States citizens, residents, or businesses whose principal place of business is in the United States unless the branch maintains a surety bond or pledge of assets with the Federal Deposit Insurance Corporation. Sets forth the assets which foreign banks are required to keep or 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 (1) to issue guidelines with respect to the entry of foreign banking organizations into banking in the United States; and (2) to assist Federal and State banking agencies in acting on applications for the establishment of branches by foreign banks. Requires each foreign bank that maintains an office other than a branch in an State to register with the Secretary of the Treasury; the Secretary of State, and the Board of Governors of the Federal Reserve System. Makes provisions for the enforcement of this Act.

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1 official file

• Introduced in House

  summary · EN · 23 May 1977

  Open at official source

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