WASHINGTON -- The Federal Reserve Board Tuesday gave an Italian bank permission to open a representative office in Los Angeles. The board said in its order that Cariplo-Cassa di Risparmio delle Provincie Lombarde S.p.A. of Milan had met the requirements established in the International Bank Act and Regulation K for U.S. expansion by foreign banks.
Those rules require, among other things, that institutions have their home central bank's approval. that they receive regular examinations. and that they agree to open their books to Fed inspection.