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Financial Institution Letter

Foreign Banking Activities

SUBJECT: FDIC Seeks Comments on Proposal to Consolidate and Update Rules for Foreign Banking Activities

The FDIC Board of Directors has proposed rules permitting well-managed state nonmember banks with international operations to undertake a number of new activities without filing a formal application. The proposed rules also clarify existing regulations for state-licensed insured branches of foreign banks, and simplify regulations on accounting treatment for foreign lending activities of state nonmember banks.

The FDIC's international rules, which have been on the books since 1979 without significant revision, are divided into three separate parts. The proposal consolidates those rules into one regulation and modernizes outmoded requirements to reflect interagency standards. It is designed to allow state nonmember banks to compete effectively abroad. The FDIC will accept comments on the proposed rules through September 15, 1997.

Attached is a copy of the Federal Register notice describing the proposed rule changes. For further information, please contact Christie Sciacca, Assistant Director (202-898-3671), Karen Walter, Chief-International (202-898-3540), or Suzanne Williams, Senior Financial Analyst (202-898-6788), in the Division of Supervision; or Jamey Basham, Counsel (202-898-7265), Wendy Sneff, Counsel (202-898-6865), or Karen Main, Senior Attorney (202-898-8838), in the Legal Division.

Nicholas J. Ketcha Jr.

Attachment : Federal Register, Vol. 62, No. 135, July 15, 1997, pp 37748-37778

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003). Electronic copies are available at the FDIC website: News, Events & FOIA

Last Updated: July 17, 1997