Applications by state branches and state agencies to conduct activities not permissible for federal branches.

CFR · 2024-01-01 · US · Title 12

(a) (1) Is not permissible for a federal branch, pursuant to statute, regulation, official bulletin or circular, or order or interpretation issued in writing by the Comptroller; or (2) Is rendered impermissible due to a subsequent change in statute, regulation, official bulletin or circular, written order or interpretation, or decision of a court of competent jurisdiction. (b) (1) Has been determined by the FDIC, pursuant to 12 CFR 362.4(c)(3)(i) through (c)(3)(ii)(A), not to present a significant risk to the affected deposit insurance fund; (2) Is permissible for a federal branch, but the Comptroller imposes a quantitative limitation on the conduct of such activity by the federal branch; (3) Is conducted as agent rather than as principal, provided that the activity is one that could be conducted by a state-chartered bank headquartered in the same state in which the branch or agency is licensed; or (4) Any other activity that the Board has determined may be conducted by any state branch or state agency of a foreign bank without further application to the Board. (c) (1) A brief description of the activity, including the manner in which it will be conducted, and an estimate of the expected dollar volume associated with the activity; (2) An analysis of the impact of the proposed activity on the condition of (3) A resolution by the applicant's board of directors or, if a resolution is not required pursuant to the applicant's organizational documents, evidence of approval by senio

official document · source cfr-2024 · id 12:§ 211.29