For immediate release

The Federal Reserve Board along with the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, today issued an interim rule and requested public comment on a proposal to expand the examination frequency cycle for certain U.S. branches and agencies of foreign banks. The interim rule is effective August 28, 1998. Comment is requested by October 27, 1998. Implementation of this ruling will make U.S. branches and agencies of foreign banks with total assets of $250 million or less eligible for an 18-month examination cycle rather than a 12-month cycle if they meet the qualifying criteria set out in the interim rule. The ruling will implement provisions of section 2214 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The interagency notice is attached.

Summary only | Interim rule (33 KB PDF)

1998 Banking and consumer regulatory policy