The Conference of State Bank Supervisors has announced the appointment of a working group that will address supervision of U.S. offices of foreign banks.
The group will seek to improve the coordination and consistency of supervision for foreign banking organizations that operate in more than one state.
The professional association of state officials licenses, supervises, and regulates the 430 state-chartered branches and agencies of foreign banks. It noted that many fundamental legal and operating differences exist between state-chartered domestic institutions and the state-licensed offices of foreign banks.
A working committee will report on its progress at the association's annual meeting in May, and will make a final report to the board of directors in July.
- Compiled by James R. Kraus