In Brief: Rules Changing on Foreign Banks, Options Credit

Two new rules take effect Monday.

The Office of the Comptroller of the Currency is streamlining the application process for foreign banks. Institutions looking to open nationally chartered U.S. banks will be able to use the same forms at the Comptroller's Office and the Fed as of July 1. Currently, separate papers are required.

A Federal Reserve Board rule allowing bank broker-dealers to extend credit on securities options also becomes effective July 1. The Securities and Exchange Commission and the individual exchanges will later determine how much of the purchase cost can be paid on credit.

- Matt Schulz and Jaret Seiberg