WASHINGTON - The Federal Reserve Board has released a supervisory letter that completes the shift of foreign bank supervision from state to national regulators.

"The guidelines clearly place the Federal Reserve in the primary position as the supervisor of foreign banks engaging in business in the United States," said Bowman Brown, a partner at Shutts & Bowen. "This completes the federalization of the regulation and supervision of foreign banks operating in the United States."

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.