International Banking Act

(redirected from International Banking Act of 1978)

International Banking Act

Legislation in the United States, passed in 1978, that requires American branches of foreign banks to abide by the same regulations as U.S. banks. While this increases regulation by mandating capital adequacy requirements and so forth, it provides FDIC insurance to foreign banks.
References in periodicals archive ?
Taipei, Taiwan ("Taiwan Cooperative"), a foreign bank within the meaning of the International Banking Act of 1978 ("IBA"), has applied under section 7(d) of the IBA (1) to establish a state-licensed branch in New York, New York.
He also served as Deputy General Counsel and an alternate member of the Federal Open Market Committee, a staff member of the President's Working Group on Financial Markets that was created in the aftermath of the 1987 financial markets crisis, a member of the Committee on Payments and Settlement Systems of the G-10 central bank governors, legal advisor to the Basel Committee on Banking Supervision, and one of the principal drafters of the US International Banking Act of 1978.
This year, in addition to the installation of the new Board of Directors, FIBA will recognize Florida Representative Elaine Bloom, who was instrumental in the passage of the Florida International Banking Act of 1978.
1) As the parent company of a foreign bank operating an agency in the United States, HFG is subject to the BHC Act by operation of section 8(a) of the International Banking Act of 1978 (12 U.
As a foreign bank operating a branch and representative offices in the United States, UniCredito is subject to certain provisions of the BHC Act by operation of section 8(a) of the International Banking Act of 1978 (12 U.
As a foreign banking organization operating a branch in the United States, San Paolo-IMI is subject to certain provisions of the BHC Act pursuant to section 8(a) of the International Banking Act of 1978.
branches and agencies of foreign banks with reservable liabilities gained access to the discount window under the International Banking Act of 1978.
Before passage of the International Banking Act of 1978 (IBA), the U.
Under current law governing foreign bank operations in the United States, established in the International Banking Act of 1978, the states are the primary regulators of the branches and agencies they license, and the Federal Reserve is directed under the Bank Holding Company Act to rely on state reports of examination insofar as possible, just as the Federal Reserve is directed to rely on reports by the Comptroller of the Currency for national banks and the Federal Deposit Insurance Corporation (FDIC) for nonmember banks.
From the opening of the BCCIMiami office, the Federal Reserve Bank of Atlanta carried out its supervisory responsibilities pursuant to the International Banking Act of 1978.
This arrangement was worked out with the state under the provisions of the International Banking Act of 1978, which, at the federal level, gave the Federal Reserve System supervisory responsibilities for monitoring the consolidated operations of foreign banks in the United States, while primary supervisory responsibilities for each branch or agency remained with its chartering authority.

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