Edge Act corporation

(redirected from Edge Corporation)

Edge Act corporation

Corporation chartered by the Federal Reserve to engage in international banking. The Board of Governors acts on applications to establish Edge Act corporations and also examines the corporations and their subsidiaries. Named after Senator Walter Edge of New Jersey, who sponsored the original legislation to permit formation of such organizations. See also: agreement corporation.

Edge Act Corporation

A bank chartered by the Federal Reserve to conduct international banking transactions without needing to abide by the banking laws of an individual state. Edge Act corporations were established by the Edge Act in 1919 and have since undergone several legal revisions. Because banking is more international today there are fewer distinctions between Edge Act corporations and ordinary banks.

Edge Act corporation

A corporation established under the 1919 Edge Act to undertake activities in international banking and investing. The Act gives U.S. firms more flexibility in competing effectively with foreign firms. Corporations established under the Edge Act are often organized in order to finance foreign trade or to own foreign securities.
References in periodicals archive ?
Under section 25A of the Federal Reserve Act, an Edge corporation may receive deposits outside the United States and only such deposits within the United States that are incidental to or for the purpose of carrying out transactions in foreign countries.
Standard Chartered Bank International (Americas) Limited, An Edge corporation subsidiary of
From July 1997 to February 2000, he was the Chief Financial Officer for Mortgage Edge Corporation, a national mortgage lender.
CLS Bank is based in New York and is an Edge Corporation bank supervised by the Federal Reserve.
This action reflects the closing of the Edge corporation as of December 31, 2004.
a bank holding company, and Riggs International Banking Corporation, Miami, Florida, an Edge corporation.
CLS Bank is based in New York and is an Edge Corporation bank regulated by the Federal Reserve Bank of New York.
2) In the United States, Santander operates a branch in New York, New York; and an agency and an Edge corporation in Miami, Florida.
b) Banking institution means a State member bank; bank holding company; Edge Corporation and Agreement Corporation engaged in banking.
Prior to joining ASPEC, Cheng held several senior management positions at Viewlogic Systems, Zycad Corporation, Iomega, and Edge Corporation.
CLS Bank is based in New York and is regulated as an Edge Corporation bank by the Federal Reserve Bank of New York.
These services, some of which I will describe in some further detail in my testimony, may be performed through a specific department of a commercial bank, an Edge corporation, a nonbank subsidiary, or a branch or agency of a foreign banking organization or in multiple areas of the institution, or such services may be the sole business of an institution.