Prior approval to establish representative offices
In general
No foreign bank may establish a representative office without the prior approval of the Board.
Standards for approval
section 3105(d)(2) of this titleIn acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this chapter.
Termination of representative offices
section 3105(e) of this titleThe Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under with respect to branches and agencies.
Examinations
12 U.S.C. 1841The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956 [ et seq.], or other applicable Federal banking law.
Compliance with State law
This chapter does not authorize the establishment of a representative office in any State in contravention of State law.
Pub. L. 95–369, § 1092 Stat. 624Pub. L. 102–242, title II, § 204105 Stat. 2292Pub. L. 102–550, title XVI, § 1604(a)(4)106 Stat. 4082Pub. L. 106–102, title I, § 142(b)113 Stat. 1384(, , ; , , ; , , ; , , .)
Editorial Notes
References in Text
section 3101 of this titleFor definition of “this chapter”, referred to in subsecs. (a)(2), (c), and (d), see References in Text note set out under .
act May 9, 1956, ch. 24070 Stat. 133section 1841 of this titleThe Bank Holding Company Act of 1956, referred to in subsec. (c), is , , which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Amendments
Pub. L. 106–1021999—Subsec. (c). inserted at end “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”
Pub. L. 102–550section 3105(e) of this titlesection 3105(d) of this title1992—Subsec. (b). substituted “” for “paragraphs (1), (2), and (3) of ”.
Pub. L. 102–2421991— amended section generally. Prior to amendment, section read as follows:
“(a) Any foreign bank that maintains an office other than a branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after , or the date on which the office is established, whichever is later.
“(b) This chapter does not authorize the establishment of any such office in any State in contravention of State law.”
Statutory Notes and Related Subsidiaries
Effective Date of 1999 Amendment
Pub. L. 106–102section 161 of Pub. L. 106–102section 24 of this titleAmendment by effective 120 days after , see , set out as a note under .
Effective Date of 1992 Amendment
Pub. L. 102–550Pub. L. 102–242section 1609(a) of Pub. L. 102–550section 191 of this titleAmendment by effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, , as of , see , set out as a note under .
Moratorium on Examination Fees Under This Chapter
Pub. L. 103–328, title I, § 115(b)108 Stat. 2368