Circular
Regulation K - International Banking Operations
Interpretation on Scope of Data Processing Activities
November 23, 1999
Circular No. 11206

To All Depository Institutions and Bank Holding Companies in the Second Federal Reserve District:

The Board of Governors of the Federal Reserve System has issued an interpretation of Regulation K, International Banking Operations, that clarifies that a banking organization may not engage in a broader range of data processing activities outside the United States under Regulation K than is permissible to bank holding companies under Regulation Y, without the Board's approval.

The Board's notice, in the Federal Register of November 1, is available as a PDF file (pdf - 23kb). Questions on this matter may be directed, at this Bank, to Jay Bernstein, Bank Supervision Officer.