Foreign branches of U.S. banking organizations.

CFR · 2024-01-01 · US · Title 12

(a) (2) A banking organization is considered to be operating a branch in a foreign country if it has an affiliate that is a member bank, Edge or agreement corporation, or foreign bank that operates an office (other than a representative office) in that country. (3) For purposes of this subpart, a foreign office of an operating subsidiary of a member bank shall be treated as a foreign branch of the member bank and may engage only in activities permissible for a branch of a member bank. (4) At any time upon notice, the Board may modify or suspend branching authority conferred by this section with respect to any banking organization. (b)(1) (ii) The Board grants its general consent under section 25 of the FRA (12 U.S.C. 601-604a) for a member bank to establish a branch in the Commonwealth of Puerto Rico and the overseas territories, dependencies, and insular possessions of the United States. (2) (3) (4) (5) (6) (c) (d) (e)

official document · source cfr-2024 · id 12:§ 211.3