FDIC approval to conduct activities that are not permissible for federal branches.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (1) permissible agency activity for a state-chartered bank located in the state which the state-licensed insured branch of the foreign bank is located; (2) permissible agency activity for a state-licensed branch of a foreign bank located in that state; and (3) permissible pursuant to any other applicable federal law or regulation. (d) (2) In the case of an application to initially engage in an activity, as opposed to an application to continue to conduct an activity, the insured state branch shall not commence the activity until it has been approved in writing by the FDIC pursuant to this part and the FRB, and any and all conditions imposed in such approvals have been satisfied. (e) (2) A foreign bank operating an insured state branch which elects not to apply to the FDIC for permission to continue to conduct an activity which is rendered impermissible by any change in statute, regulation, official bulletin or circular, written order or interpretation, or decision of a court of competent jurisdiction shall submit a plan of divestiture or cessation to the appropriate regional director. (3) All plans of divestitures or cessation required by this paragraph must (f)

official document · source cfr-2024 · id 12:§ 347.212