(a) A foreign bank may establish or operate a state branch, as provided by state law, without federal deposit insurance whenever:
(1) The branch only accepts initial deposits in an amount equal to the SMDIA or greater; or
(2) The branch meets the criteria set forth in § 347.214 or § 347.215.
(b) [Reserved]
[70 FR 17560, Apr. 6, 2005, as amended at 74 FR 47718, Sept. 17, 2009]
authority: 12 U.S.C. 1813,
1815,
1817,
1819,
1820,
1828,
3103,
3104,
3105,
3108,
3109; Pub L. No. 111-203, section 939A, 124 Stat. 1376, 1887 (July 21, 2010) (codified
15 U.S.C. 78o-7 note)
source: 70 FR 17560, Apr. 6, 2005, unless otherwise noted.
cite as: 12 CFR 347.213