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During the period from 1991 to 2007, several Chinese banks received approval under the FBSEA for the establishment of representative offices for the purpose of soliciting customers and acting as a U.S.
In seeking to establish a branch, the "consolidated basis" language of the FBSEA applies.
Though the FRB refused to find that CMB, ICBC, and CCB were subject to the strict regulatory standards mandated by the FBSEA, they were permitted entry under the 12 U.S.C.
The FBSEA does not preempt state regulatory oversight and approval.
FBSEA, passed by the Congress in December 1991, increased the responsibilities of the Federal Reserve over the U.S.
* Second, FBSEA sets out uniform standards for approval of such applications, which feature, among other things, the need for comprehensive, consolidated supervision by the home country authorities and the adequacy of financial and managerial resources.
To fulfill its expanded role under FBSEA over the U.S.
As currently drafted, H.R.1362 would amend the Foreign Bank Supervision Enhancement Act of 1991 (FBSEA) to lower the standards under which foreign banks may enter and operate in the United States and to reduce significantly the authority of the Federal Reserve to examine their U.S.
Although the Board believes that these provisions go too far, the Board believes that some provisions of FBSEA should be reevaluated--most notably the inflexible requirement that the Board not approve an application unless a foreign bank is subject to comprehensive consolidated supervision by home country authorities.
The FBSEA also limits the permissible activities of a state-licensed branch or agency to the activities permitted by the OCC for a federally licensed branch.
The FBSEA also imposed new restrictions on deposit taking by foreign banks.
The immediate effectiveness of major portions of the FBSEA required that implementation proceed quickly.
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