Foreign banking organization definition

Foreign banking organization means a foreign organization that is formed for the sole purpose of either holding shares of a foreign bank orperforming nominee, fiduciary, or other banking services incidental to theactivities of a foreign branch or foreign bank affiliate of the insured statenonmember bank.

Foreign banking organization means a foreign organization that is formed for the sole purpose of either holding shares of a foreign bank or per- forming nominee, fiduciary, or other banking services incidental to the ac- tivities of a foreign branch or foreign bank affiliate of the insured state non- member bank.

Foreign banking organization means a foreign bank, as defined in section 1(b)(7) of the IBA (12 U.S.C. 3101(7)), that:

Examples of Foreign banking organization in a sentence

• The state supervisors will designate a Primary Contact Person for each Foreign Banking Organization with multi-state operations for which they act as the State Coordinator.

• To the extent that the complaint concerns the offices of a Foreign Banking Organization in more than one state, the State Coordinator will coordinate resolution of the complaint upon consultation and agreement with all other involved state and federal bank supervisory agencies.

• Each state supervisor has the responsibility for the processing of applications regarding the offices of a Foreign Banking Organization in its state.

• If an application affects only offices in a single state, the State Coordinator will receive from that state supervisor a copy of the application/notification relating to the offices of the Foreign Banking Organization.

• The State Coordinator will receive copies, via the FBO Desktop or by other means, of all FBO supervision products, including examination findings prepared by other state and federal bank supervisors participating in the supervision of a Foreign Banking Organization with multi-state operations.

• There will be a high degree of continual information sharing between all bank supervisory agencies engaged in the supervision of a Foreign Banking Organization.

• Instances of serious consumer abuse, violations of law and/or patterns of practice which cause serious supervisory concerns should be promptly reported to the State Coordinator in order for the states jointly to determine whether supervisory action should be taken against the offices of a Foreign Banking Organization.

• The State Coordinator, in consultation with other state supervisors, the Responsible Reserve Bank and any other participating federal bank supervisory agency, will coordinate supervisory actions that are to be taken jointly by involved state supervisors against all offices of a Foreign Banking Organization operating in the United States.

• Results of all examinations of any office of the U.S. operations of a Foreign Banking Organization must be supported by a written analysis documenting the findings, recommendations and conclusions derived from the examination process.

• The format for the written analysis will reflect the risk profile for a particular office of the Foreign Banking Organization, as indicated in the risk assessment prepared for its U.S. operations, and in the supervisory plan.

More Definitions of Foreign banking organization

Foreign banking organization means a foreign organization that is formed for the sole purpose of either holding shares of a foreign bank or performing nominee, fiduciary, or other banking services incidental to the activities of a foreign branch or foreign bank affiliate of the insured state nonmember bank.(j) Foreign branch means an office or place of business located outside the United States, its territories, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands, at which banking operations are conducted, but does not include a representative office.(k) Foreign country means any country other than the United States and includes any territory, dependency, or possession of any such country or of the United States.(l) Foreign organization means an organization that is organized under the laws of a foreign country.(m) Insured state nonmember bank or bank means a state bank, as defined by section 3(a)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1813(a)(2)), whose deposits are insured by the FDIC and that is not a member of the Federal Reserve System.(n) Indirectly means investments held or activities conducted by a subsidiary of an organization.(o) Investment grade means a security that is rated in one of the four highest categories by:

Foreign banking organization means any foreign bank or company that is a bank holding company or is treated as a bank holding company under section 8(a) of the International Banking Act of 1978 (12 U.S.C. 3106(a)).

Foreign banking organization or “FBO” means a bank chartered or organized in a foreign country with banking operations in the United States.

Foreign banking organization means a foreign bank that operates

Foreign banking organization means a foreign bank (as defined in section 1(b)(7) of the IBA (12 U.S.C. 3101(b)(7)) that operates a branch,agency or commercial lending company subsidiary in the United States or that controls a bank in the United States,and any company of which such foreign bank is a subsidiary.