Source: https://www.law.cornell.edu/cfr/text/12/347.115
Timestamp: 2016-10-23 22:08:45
Document Index: 592584880

Matched Legal Cases: ['art 347', '§ 347', 'art 362', 'art 362', '§ 1813', '§ 1815', '§ 1817', '§ 1819', '§ 1820', '§ 1828', '§ 3103', '§ 3104', '§ 3105', '§ 3108', '§ 3109']

12 CFR 347.115 - Permissible activities for a foreign branch of an insured state nonmember bank. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter III › Subchapter B › Part 347 › Section 347.115 12 CFR 347.115 - Permissible activities for a foreign branch of an insured state nonmember bank.
§ 347.115 Permissible activities for a foreign branch of an insured state nonmember bank.
Guarantees. Guarantee debts, or otherwise agree to make payments on the occurrence of readily ascertainable events including, without limitation, nonpayment of taxes, rentals, customs duties, or costs of transport and loss or nonconformance of shipping documents, if:
Government obligations. Engage in the following types of transactions with respect to the obligations of foreign countries, so long as aggregate investments, securities held in connection with distribution and dealing, and underwriting commitments do not exceed ten percent of the bank's Tier 1 capital:
(2) Underwrite, distribute and deal, invest in or trade obligations 1
rated as investment grade of: 1 If the obligation is an equity interest, it must be held through a subsidiary of the foreign branch and the insured state nonmember bank must meet its minimum capital requirements.
(1) Acquire and hold local investments in:
(2) Aggregate local investments (other than those required by the law of the foreign country or permissible under section 5136 of the Revised Statutes (12 U.S.C. 24 (Seventh)) by all the bank's branches in a single foreign country must not exceed 1 percent of the total deposits in all the bank's branches in that country as reported in the preceding year-end Report of Income and Condition (Call Report): 2
2 If a branch has recently been acquired by the bank and the branch was not previously required to file a Call Report, branch deposits as of the acquisition date must be used.
Insurance. Act as an insurance agent or broker.
Employee benefits program. Pay to an employee of a branch, as part of an employee benefits program, a greater rate of interest than that paid to other depositors of the branch.
Repurchase agreements. Engage in repurchase agreements involving securities and commodities that are the functional equivalents of extensions of credit.
Other activities. Engage in other activities, with the prior approval of the FDIC.
Approval of other activities. Activities that are not specifically authorized by this section, but that are authorized by 12 CFR 211.4 or FRB interpretations of activities authorized by that section, may be authorized by specific consent of the FDIC on an individual basis and upon such terms and conditions as the FDIC may consider appropriate. Activities that will be engaged in as principal (defined by reference to section 362.1(b) of this chapter), and that are not authorized by 12 CFR 211.4 or FRB interpretations of activities authorized under that section, must satisfy the requirements of part 362 of this chapter and be approved by the FDIC under this part as well as part 362 of this chapter. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1813 - Definitions§ 1815 - Deposit insurance§ 1817 - Assessments§ 1819 - Corporate powers§ 1820 - Administration of Corporation§ 1828 - Regulations governing insured depository institutions§ 3103 - Interstate banking by foreign banks§ 3104 - Insurance of deposits§ 3105 - Authority of Federal Reserve System§ 3108 - Regulation and enforcement§ 3109 - Cooperation with foreign supervisors
12 CFR 303.182 — Establishing, Moving or Closing a Foreign Branch of an Insured State Nonmember Bank.