The New York State Banking Department backed off plans Thursday to require independent audits of foreign bank branches and agencies every three years.

Releasing a new proposed rule for a 30-day comment period, the banking department also dropped plans to require independent auditors to attest that the foreign bank office has adequate internal controls.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.