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Non-U.S. Banks Operating in the United States: The Federal Reserve as Gatekeeper  


Author:  Kathleen A. Scott.


Source: Volume 27, Number 04, March/April 2014 , pp.37-49(13)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Individual state laws traditionally controlled the ability of foreign banks to maintain banking offices in this country but, since 1978, the role of the Federal Reserve has evolved to the point where it has become the gatekeeper for foreign banks that wish to maintain a banking presence in the United States. Today, there is a comprehensive federal regulatory regime for U.S. foreign bank operations that confers broad authority on the Federal Reserve. This article discusses the growth of the Federal Reserve’s role in supervision of the U.S. operations of foreign banks, and highlights some of the most recent developments from the Dodd-Frank Act.

Keywords: foreign bank; International Banking Act; Federal Reserve; “Dodd-Frank Act; Volcker Rule; prudential standards

Affiliations:  1: Norton Rose Fulbright.

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