DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 4 [Docket No. 99-13] RIN 1557-AB60 FEDERAL RESERVE SYSTEM 12 CFR Part 211 [Regulation K; Docket No. R-1012] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 347 RIN 3064-AC15 Extended Examination Cycle For U.S. Branches and Agencies of Foreign Banks AGENCIES: Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; and the Federal Deposit Insurance Corporation. ACTION: Joint final rule. SUMMARY: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are adopting as a joint final rule their joint interim rule implementing section 2214 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Section 2214 of EGRPRA authorizes the Agencies to extend the examination cycle for certain United States branches and agencies of foreign banks. This joint final rule makes United States branches and agencies of foreign banks with total assets of $250 million or less eligible for an 18-month examination cycle if they meet certain qualifying criteria. EFFECTIVE DATE: October 22, 1999. FOR FURTHER INFORMATION CONTACT: OCC: Martha Clarke, Senior Attorney, International Activities (202/874-0680); Jose Tuya, Director, International Banking & Finance (202/874-4730); or Karl Betz, Attorney, Legislative and Regulatory Activities (202/874-5090), Office of the Comptroller of the Currency, 250 E Street SW., Washington, D.C. 20219. Board: Barbara J. Bouchard, Manager, Division of Banking Supervision and Regulation (202/452-3072); or Jonathan D. Stoloff, Counsel, Legal Division (202/452-3269), Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, D.C. 20551. FDIC: Karen Walter, Chief, International Branch, Division of Supervision (202/898-3540); or Mark Mellon, Counsel, Regulation and Legislation Section, Legal Division (202/898-3854), Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, D.C. 20429.

Interagency notice (36 KB PDF)

1999 Banking and consumer regulatory policy