Foreign Banking Organization definition
Examples of Foreign Banking Organization in a sentence
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.
It also will detail how each participating agency will convey its findings to management of the Foreign Banking Organization, to the State Coordinator and to any participating federal bank supervisory agencies.
The State Coordinator and the Responsible Reserve Bank, in cooperation with other participating federal and state supervisors, will use this information, together with other supervisory information deemed appropriate, in preparing an assessment of the U.S. operations of the Foreign Banking Organization.
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.
The parties will, in all cases to the greatest extent practicable, consult one another regarding investigations and supervisory actions involving the U.S. operations of a Foreign Banking Organization.
Recognizing the State Coordinator as the single point of state contact for the coordination of the supervision and examination of the state-licensed and chartered operations of a particular Foreign Banking Organization.
Each state supervisor has the responsibility for the processing of applications regarding the offices of a Foreign Banking Organization in its state.
Each state supervisor remains primarily responsible for supervising its own state-licensed or chartered foreign bank operations, and for informing the State Coordinator of any information received from the Foreign Banking Organization or a locally licensed office.
A state supervisor may at any time request from another state supervisor supervisory information regarding a Foreign Banking Organization operating foreign bank offices in both states.