Title 12

SECTION 5.70

5.70 Federal branches and agencies.

§ 5.70 Federal branches and agencies.

(a) Authority. 12 U.S.C. 93a and 3101 et seq.

(b) Scope. This subpart describes the filing requirements for corporate activities and transactions involving Federal branches and agencies of foreign banks. Substantive rules and policies for specific applications are contained in 12 CFR part 28.

(1) To establish a Federal branch or agency means to:

(i) Open and conduct business through an initial or additional Federal branch or agency;

(ii) Acquire directly, through merger, consolidation, or similar transaction with another foreign bank, the operations of a Federal branch or agency that is open and conducting business;

(iii) Acquire a Federal branch or agency through the acquisition of a foreign bank subsidiary that will cease to operate in the same corporate form following the acquisition;

(iv) Convert a State branch or State agency operated by a foreign bank, or a commercial lending company controlled by a foreign bank, into a Federal branch or agency;

(v) Relocate a Federal branch or agency within a State or from one State to another; or

(vi) Convert a Federal agency or a limited Federal branch into a Federal branch.

(2) Federal branch includes a limited Federal branch unless otherwise provided.

(d) Filing requirements - (1) General. Unless otherwise provided in 12 CFR part 28, a Federal branch or agency must comply with the applicable requirements of this part.

(2) Applications. A foreign bank must submit an application and obtain prior approval from the OCC before it:

(i) Establishes a Federal branch or agency; or

(ii) Exercises fiduciary powers at a Federal branch. A foreign bank may submit an application to exercise fiduciary powers at the time of filing an application for a Federal branch license or at any subsequent date.

(3) Biographical and Financial Reports. The OCC may require any senior executive officer of a Federal branch or agency submitting a filing to submit an Interagency Biographical and Financial Report, available at www.occ.gov, and legible fingerprints.

[61 FR 60363, Nov. 27, 1996, as amended at 68 FR 70698, Dec. 19, 2003; 85 FR 80470, Dec. 11, 2020]