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Foreign Banks

FDIC · final-rule · Published 1996-02-14 · Effective 1996-04-01 · 61 FR 5671

Document

Document number
96-3274
Federal Register citation
61 FR 5671
CFR reference
12 CFR 346
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Deposit Insurance Corporation
Publication date
1996-02-14
Effective date
1996-04-01

Abstract

Section 107 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Riegle-Neal Act) amended section 6 of the International Banking Act of 1978 (IBA) to provide that the FDIC shall amend its regulation concerning domestic retail deposit activities by state-licensed branches of foreign banks. The final rule amends the FDIC's regulations to restrict the amount and types of initial deposits of less than $100,000 which can be accepted by an uninsured state-licensed branch of a foreign bank. The final rule is intended to afford equal competitive opportunities to foreign and domestic banks.

Source

Authoritative
Federal Register document
Machine
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