FOREIGN BANKS: The Fed continues to struggle with its overhaul of Regulation K, which governs the overseas operations of domestic banks and the U.S. operations of foreign banks. The rewrite is five months late, and Fed associate general counsel Kathleen O'Day has said she does not expect the rule to surface until this summer.

The proposal is expected to relax rules limiting the amount of income foreign banks may earn outside the United States from insurance and securities activities. It also would eliminate scores of duplicative filing requirements, and it would make it easier for foreign banks to expand their operations here. Release of the rule has been delayed several times as Fed officials worked on changing Regulation Y and the section 20 rules.

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