Comptroller of the Currency- 12 CFR pt. 28 Flashcards
28.2 definitions
(c) foreign bank means an organization that:
is organized under the laws of a foreign country;
engages in the business of banking;
is recognized as a bank by the supervisory or monetary authority of the country of its organization or principal banking operations;
receives deposits to a substantial extent in the regular course of its business;
has the power to accept demand deposits;
foreign branch means an office of a national bank that is located outside the US at which banking or financing business is conducted; foreign country means one or more foreign nations, and includes the overseas territories, dependencies, and insular possessions of those nations and of the US and commonwealth of Puerto Rico
28.3 filling requirement for foreign operations of a national bank
(a) notice requirement. A national bank shall notify the oCC when it:
(1) files an application, notice or report with the FRB to:
(i) establish or open a foreign branch
(ii) acquire or divest of an interest in, or close, an edge corporation, agreement corporation, foreign brank or other foreign organization; or
(2) opens a foreign branch, and no application or notice is required by the FRB for such transaction
(b) other applications and notices accepted. in lieu of a notice under a1, the OCC may accept a copy of an application, notice or summary report to another federal agency that that covers the proposed action and contains substantially the same information required by the OCC.
(c) a national bank shall furnish the oCC with any additional information the OCC may require in connection with the national banks foreign operations
28.4 permissible activities
a. general. a national bank may engage in any activity in a foreign country that is
1. permissible for a bank in the US
2. usual in connection with the business of banking
b. activity that is permissible under the FRB’s regulation K, 12 CFR part 211.
c. guarantee the deposits of other liabilities of its edge corporations and agreement corporations of its corporate instrumentalities in foreign countries
