15) In the Board's view, the mandatory language of the FBSEA does not permit this flexibility with respect to applications to establish branches, agencies, or commercial lending companies.
The FBSEA also contains other standards that the Board may consider in determining whether to approve any U.
Under the FBSEA, the Board has for the first time the authority to approve establishment of and examine such offices.
In the Board's view, the FBSEA requires that all direct U.
The legislative history of the FBSEA states that a representative office may not conduct "any banking activities, including deposit-taking, securities trading, foreign exchange dealing, and other similar activities.
The FBSEA reflects this critical distinction between banking offices and representative ofrices by imposing a lower standard for the approval of the establishment of representative offices than for the approval of branches and agencies that are permitted to conduct a banking business.
The Board has attempted to resolve these issues in a manner that is consistent with the letter and purpose of the FBSEA.
Of course, matters addressed in the FBSEA or in the Board's rule and not in the state or OCC appfication will need to be handled separately.