The Federal Reserve Board on Friday gave foreign bank branches here the option of consolidating their accounts at a single reserve bank.

The change takes effect Jan. 1 and also applies to Edge and Agreement corporations. Currently, foreign banks must keep separate accounts in every reserve district where they operate.

The Fed last year required all domestic banks to consolidate their accounts at the reserve bank that services their home office. The changes are intended to make it easier for banks to branch interstate.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.