Definitions.

CFR · 2024-01-01 · US · Title 12

The definitions contained in §§ 211.1 and 211.2 apply to this subpart, except as a term is otherwise defined in this section: (a) (b) (1) Incidental to, or arise out of the exercise of, other lawful banking powers; (2) To serve a specific purpose; (3) Not solicited from the general public; (4) Not used to pay routine operating expenses in the United States such as salaries, rent, or taxes; (5) Withdrawn within a reasonable period of time after the specific purpose for which they were placed has been accomplished; and (6) Drawn upon in a manner reasonable in relation to the size and nature of the account. (c)(1) (i) For a foreign banking organization, the Reserve Bank assigned to the foreign banking organization in § 225.3(b)(2) of Regulation Y (12 CFR 225.3(b)(2)); (ii) For a foreign bank that is not a foreign banking organization and proposes to establish an office, an Edge corporation, or an agreement corporation, the Reserve Bank of the Federal Reserve District in which the foreign bank proposes to establish such office or corporation; and (iii) In all other cases, the Reserve Bank designated by the Board. (2) The appropriate Federal Reserve Bank need not be the Reserve Bank of the Federal Reserve District in which the foreign bank's home state is located. (d) (e) (f) (g) (h) (i) (j) (k) A foreign bank (l) To (1) To open and conduct business through an office; (2) To acquire directly, through merger, consolidation, or similar transaction with another foreign bank, the oper

official document · source cfr-2024 · id 12:§ 211.21