PUBLIC LAW 103-328—SEPT. 29, 1994 108 STAT. 2359 banking organizations in their United States operations, ensure that foreign banking organizations do not receive an unfair competitive advantage over United States banking organizations.". (b) REVIEW OF REGULATIONS.— 12 USC 3i04 (1) IN GENERAL.— Each Federal banking agency, after con- "o**- sultation with the other Federal banking agencies to assure uniformity, shall revise the regulations adopted by such agency under section 6 of the International Banking Act of 1978 to ensure that the regulations are consistent with the objective set forth in section 6(a) of the International Banking Act of 1978. (2) SPECIFIC FACTORS.—In carrying out paragraph (1), each Federal banking agency shall consider whether to permit an uninsured branch of a foreign bank to accept initial deposits of less than $ 100,000 only from— (A) individuals who are not citizens or residents of the United States at the time of the initial deposit; (B) individuals who— (i) are not citizens of the United States; (ii) are residents of the United States; and (iii) are employed by a foreign bank, foreign business, foreign government, or recognized international organization; (C) persons to whom the branch or foreign bank has extended credit or provided other nondeposit banking services; (D) foreign businesses and large United States businesses; (E) foreign governmental units and recognized international organizations; and (F) persons who are depositing funds in connection with the issuance of a financial instrument by the branch for the transmission of funds. (3) REDUCTION IN REGULATORY DE MINIMIS EXEMPTION.— In carrying out paragraph (1), each Federal banking agency shall limit any exemption which is— (A) available under any regulation prescribed pursuant to section 6(d) of the International Banking Act of 1978 providing for the acceptance of initial deposits of less than $100,000 by an uninsured branch of a foreign bank; and (B) based on a percentage of the average deposits at such branch; to not more than 1 percent of the average deposits at such branch. (4) ADDITIONAL RELEVANT CONSIDERATIONS.— In carrying out paragraph (1), each Federal banking agency shall also consider the importance of maintaining and improving the availability of credit to all sectors of the United States economy, including the international trade finance sector of the United State economy. (5) DEADLINE FOR PRESCRIBING REVISED REGULATIONS.— Each Federal banking agency— (A) shall publish final regulations under paragraph Federal (1) in the Federal Register not later than 12 months after Register, the date of enactment of this Act; and publication. (B) may establish reasonable transition rules to facilitate any termination of any deposit-taking activities that
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