District Circular Letters
September 1, 1998
REGULATION K:
EXTENDED EXAMINATION CYCLE FOR
U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS
To U.S. Branches and Agencies
of Foreign Banks and Others Concerned
in the Twelfth Federal Reserve District
Interim Rule with Request for Comment Regarding Examination
Frequency Cycle (Docket
R-1012)
The Federal Reserve Board, along with the Office of the Comptroller
of the Currency and the Federal Deposit Insurance Corporation, has issued
an interim rule and requested public comment on a proposal to expand the
examination frequency cycle for certain U.S. branches and agencies of
foreign banks. Please refer to the attached Docket
R-1012.
The interim rule is effective August 28, 1998. Comment
is requested by October 27, 1998.
Implementation of this ruling will make U.S. branches and agencies of
foreign banks with total assets of $250 million or less eligible for an
eighteen-month examination cycle rather than a twelve-month cycle if they
meet the qualifying criteria set out in the interim rule. The ruling will
implement provisions of section 2214 of the Economic Growth and Regulatory
Paperwork Reduction Act of 1996.
Additional Information
For additional information regarding this matter, please contact our
Banking Supervision and Regulation Department, at (415) 974-2911.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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