Termination of offices of foreign banks.

CFR · 2024-01-01 · US · Title 12

(a) (i) The foreign bank is not subject to comprehensive consolidated supervision in accordance with § 211.24(c)(1), and the home country supervisor is not making demonstrable progress in establishing arrangements for the consolidated supervision of the foreign bank; or (ii) Both of the following criteria are met: (A) There is reasonable cause to believe that the foreign bank, or any of its affiliates, has committed a violation of law or engaged in an unsafe or unsound banking practice in the United States; and (B) As a result of such violation or practice, the continued operation of the foreign bank's representative office, state branch, state agency, or commercial lending company subsidiary would not be consistent with the public interest, or with the purposes of the IBA, the BHC Act, or the FDIA. (2) (b) (c) (d) (2) (3) (i) Provide the foreign bank that is the subject of the termination order with notice of the intended termination order; (ii) Grant the foreign bank an opportunity to present a written submission opposing issuance of the order; or (iii) Take any other action designed to provide the foreign bank with notice and an opportunity to present its views concerning the order. (e) (f)

official document · source cfr-2024 · id 12:§ 211.25