Foreign Banks: Opportunities Exist to Enhance Supervision Program as Implementation Proceeds

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Report Type	Reports and Testimonies
Report Date	May 9, 1997
Report No.	GGD-97-80
Subject	Bank management Accounting procedures Federal reserve banks Financial records Foreign governments Interagency relations International economic relations Reporting requirements Foreign Banking Organization Supervision Program Banking regulation Bank examination

Summary:

The Foreign Bank Supervision Enhancement Act of 1991 gave the Federal Reserve greater supervisory and regulatory authority over foreign banks operating in the United States. Before then, although the Fed had overall authority for supervising foreign banks' presence in the United States, no formal mechanism existed to allow the various agencies to share information about foreign banks with offices in multiple states and to coordinate supervisory activities. In keeping with its enhanced authority, the Fed has worked with other agencies to develop a foreign bank supervision program with the goal of improving and better coordinating supervision of foreign banks in the United States. This report (1) describes the Fed's foreign bank supervision program and (2) evaluates the banking supervisors' progress in implementing it.

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Foreign Banks: Opportunities Exist to Enhance Supervision Program as Implementation Proceeds