Interagency Program for Supervising U.S. Operations of Foreign Banking Organizations
June 22, 1998
Circular No. 11062

To All Branches and Agencies of Foreign Banks in the Second Federal Reserve District:

Modifications have been made to the interagency program for supervising the U.S. operations of foreign banking organizations ("FBOs") to enhance ongoing communications with home country supervisors, strengthen risk-focused examination practices, and streamline internal program procedures.

Among the enhancements outlined in the supervisory letter (SR 98-13) that may be of most interest to FBOs, home country supervisors will receive written notification of the results of consolidated supervisory assessments prepared for FBOs with multiple U.S. operations. Presently, such assessments are normally sent only to head office management.

Questions may be directed, at this Bank, toGina Aube, Bank Supervision Officer.