Finalization of Interim Rule
To the Chief Executive Officers of All U.S. Branches and Agencies of Foreign Banks in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, has issued a final rule on a proposal to expand the examination frequency cycle for certain U.S. branches and agencies of foreign banks.
The rule is effective October 22, 1999.
This rule finalizes an interim rule, effective August 28, 1998, that made U.S. branches and agencies of foreign banks with total assets of $250 million or less eligible for an 18-month examination cycle if they met the qualifying criteria set out in the rule. [See our Circular No. 11089.]
The ruling will implement provisions of section 2214 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996.