International Banking Act Of 1978
Abstract:
This Act provide for Federal regulation of participation by foreign banks in domestic financial markets.The key features of this act are given below:
- Foreign banks operating federal branches or agencies shall operate under the same rights and privileges as national banks, subject to certain restrictions.
- With the approval of the Comptroller and the Board, a foreign bank with a branch or agency in one state (the home state) may establish and operate a federal branch or agency in another state (the host state) as allowed by host state law as permitted under Section 44 of the Federal Deposit Insurance Act.
- With the approval of the appropriate state regulator and the Board, a foreign bank with a branch or agency in one state (the home state) may establish and operate a state licensed branch or agency in another state (the host state) as allowed by host state law as permitted under Section 44 of the Federal Deposit Insurance Act.
- No federal or state licensed branch offices in the United States may recieve deposits of less than $100,000 unless the branch is an insured branch underSection 3(s) of the Federal Deposit Insurance Act.
- Subject to certain limitations, the Comptroller has all powers over foreign banks with branches or agencies in a state that it has over national banks operating in that state.
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