Circuit Judge Pierre Leval rejected Bank of America's argument that the case belonged in federal court under the Edge Act
, a 1919 law governing international banking.
commercial banks, of which more than 25 percent are owned by foreign banks; and international banking facilities, The data exclude Edge Act
and agreement corporations; U.
Among the provisions included in the Clean EDGE Act
are a mandate that 25 percent of new vehicles sold in the U.
Legislation has even been introduced called the Protect America's Competitive Edge Act
The Federal Reserve Board on May 29, 2003, announced that it is seeking public comment on a proposal to amend Regulation K (International Banking Operations) to require Edge Act
and agreement corporations and U.
The Banking Group focuses its resources on servicing Florida chartered banks, national banks and foreign bank holding companies, Edge Act
corporations, international bank agencies and representative offices of foreign banks in the United States.
Provisions should also be added that would clarify how clearing organizations organized as uninsured state member banks or Edge Act
corporations would be resolved in the event of their bankruptcy.
Banking organizations also have been authorized to match competition abroad by investing in foreign companies through their Edge Act
affiliates and subsidiaries, and, under the Bank Holding Company Act of 1956, bank holding companies can invest in up to 5 percent of the voting shares (and up to 25 percent of the total equity) of any company.
As you know, the Board's Regulation K governs the international operations of member banks, bank holding companies, and Edge Act
The remaining 2 percent is accounted for by Edge Act
corporations and Article XII companies.
An Agreement Corporation is permitted to conduct business of an international nature only, similar to an Edge Act
RIGS also entered into a Cease and Desist Order with The Federal Reserve Bank of Richmond (Fed), which regulates the holding company and Riggs International Banking Corporation (its Edge Act