WASHINGTON — A pending proposal by the Federal Reserve Board to overhaul the way U.S. regulators supervise foreign bank operations is raising questions and sparking concern among industry players who fear it may go too far.

Fed Gov. Daniel Tarullo offered a glimpse of the plan late last month in what some have called a "provocative" speech in which he said the central bank plans to supervise foreign bank operations by imposing the same set of requirements that U.S. bank holding companies face.

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