What 12 CFR Part 211 - Federal Reserve Regulation K: International Banking Operations (Foreign Branches of U.S. Member Banks, Edge and Agreement Corporations, Foreign Bank Offices in the United States) requires
12 CFR Part 211 is the Federal Reserve Regulation K governing the international banking operations of U.S. banking organisations and the U.S. operations of foreign banks. Section 211.1 sets the authority (the Federal Reserve Act under 12 USC 221 et seq., the Bank Holding Company Act of 1956 under 12 USC 1841 et seq., and the International Banking Act of 1978 under 12 USC 3101 et seq.), purpose, and scope - the subpart sets out rules governing the international and foreign activities of U.S. banking organisations including procedures for establishing foreign branches and Edge and agreement corporations and for investments in foreign organisations, applying to member banks (with respect to their foreign branches and investments in foreign banks under section 25 of the FRA 12 USC 601-604a), corporations organised under section 25A of the FRA 12 USC 611-631 (Edge corporations), corporations having an agreement or undertaking with the Board under section 25 of the FRA (agreement corporations), and bank holding companies with respect to the nonbanking-prohibition exemption. Section 211.2 sets operative definitions including affiliate, capital and surplus (tier 1 plus tier 2 capital plus the balance of allowance for loan and lease losses or adjusted allowance for credit losses not included in tier 2 for risk-based capital), subsidiary, and other terms. Section 211.3 governs foreign branches - a banking organisation is considered to operate a branch in a foreign country if it has an affiliate that is a member bank, Edge or agreement corporation, or foreign bank operating an office (other than a representative office) in that country; foreign branches may be established by any member bank having capital and surplus of $1,000,000 or more, an Edge corporation, an agreement corporation, any subsidiary the shares of which are held directly by the member bank, or any other subsidiary held pursuant to this subpart; the Board may modify or suspend branching authority at any time on notice. Section 211.4 sets permissible activities and investments of foreign branches of member banks including guarantees with maximum monetary liability, underwriting and distribution of government obligations, and a long list of other activities so far as is usual in connection with the business of banking in the country where the branch transacts business. Section 211.5 governs Edge and agreement corporations - the Board has the authority to approve the establishment of Edge corporations, investments in agreement corporations, and a member bank's proposal to invest more than 10 percent of its capital and surplus in the aggregate amount of stock held in all Edge and agreement corporations. Subpart B (sections 211.20 onwards) governs foreign banking organisations operating in the United States - Section 211.22 governs the determination of home state and changes to home state; Section 211.24 governs the approval of offices of foreign banks (branches, agencies, commercial lending companies, or representative offices in the United States, with Board approval before establishment except for certain prior-notice categories).
Pillar: Banking & Global Finance · Authority: Board of Governors of the Federal Reserve System, implementing the Federal Reserve Act (12 USC 221 et seq.), the Bank Holding Company Act of 1956 (12 USC 1841 et seq.), and the International Banking Act of 1978 (12 USC 3101 et seq.); codified in the Code of Federal Regulations Title 12 Part 211 and maintained on a current basis by the Office of the Federal Register · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-211
SHA-256 integrity: 5962ded71e537de9775faf356cc7acddda308e79b10189cda8afcde603d9ad19
Primary Citations — 12 traced to source
- 12 CFR 211.1 - Authority, purpose, and scope - issued under the Federal Reserve Act (12 USC 221 et seq.), the Bank Holding Company Act of 1956 (12 USC 1841 et seq.), and the International Banking Act of 1978 (12 USC 3101 et seq.); applies to member banks (foreign branches and investments in foreign banks under FRA section 25, 12 USC 601-604a), Edge corporations (FRA section 25A, 12 USC 611-631), agreement corporations, and bank holding companies (nonbanking-prohibition exemption)
- 12 CFR 211.2 - Definitions - affiliate, capital and surplus (tier 1 plus tier 2 capital plus the balance of allowance for loan and lease losses or adjusted allowance for credit losses not included in tier 2 for risk-based capital), subsidiary, foreign branch, foreign bank, and other operative terms
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