PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2287 of 1978 (12 U.S.C. 3105) is amended by striking subsection (d) and inserting the following new subsections: "(d) ESTABLISHMENT OF FOREIGN BANK OFFICES IN THE UNITED STATES. — "(1) PRIOR APPROVAL REQUIRED. — No foreign bank may establish a branch or an agency, or acquire ownership or control of a commercial lending company, without the prior approval of the Board. "(2) REQUIRED STANDARDS FOR APPROVAL. —The Board may not approve an application under paragraph (1) unless it determines that— "(A) the foreign bank engages directly in the business of banking outside of the United States and is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country; and "(B) the foreign bank has furnished to the Board the information it needs to adequately assess the application. "(3) STANDARDS FOR APPROVAL. — In acting on any application under paragraph (1), the Board may take into account— "(A) whether the appropriate authorities in the home country of the foreign bank have consented to the proposed establishment of a branch, agency or commercial lending company in the United States by the foreign bank; "(B) the financial and managerial resources of the foreign bank, including the bank's experience and capacity to engage in international banking; "(C) whether the foreign bank has provided the Board with adequate assurances that the bank will make available to the Board such information on the operations or activities of the foreign bank and any affiliate of the bank that the Board deems necessary to determine and enforce compliance with this Act, the Bank Holding Company Act of 1956, and other applicable Federal law; and "(D) whether the foreign bank and the United States affiliates of the bank are in compliance with applicable United States law. "(4) FACTOR.—In acting on an application under paragraph (1), the Board shall not make the size of the foreign bank the sole determinant factor, and may take into account the needs of the community as well as the length of operation of the foreign bank and its relative size in its home country. Nothing in this paragraph shall affect the ability of the Board to order a State branch, agency, or commercial lending company subsidiary to terminate its activities in the United States pursuant to any standard set forth in this Act. "(5) ESTABLISHMENT OF CONDITIONS.— Consistent with the standards for approval in paragraph (2), the Board may impose such conditions on its approval under this subsection as it deems necessary. "(e) TERMINATION OF FOREIGN BANK OFFICES IN THE UNITED STATES. — "(1) STANDARDS FOR TERMINATION. — The Board, after notice and opportunity for hearing and notice to any appropriate State bank supervisor, may order a foreign bank that operates a State branch or agency or commercial lending company subsidiary in
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