PUBLIC LAW 95-369—SEPT. 17, 1978
Public Law 95-369 95th Congress
92 STAT. 607
An Act
To provide for Federal regulation of participation by foreign banks in domestic financial markets.
Sept. 17, 1978 [H.R. 10899]
Be it enacted iy the Senate aind Hcyase of Representatives of the International United States of America in Congress assembled,
Banking Act of 1978. SHORT TITLE; DEFINITIONS AND RULES OF CONSTRUCTION 12 USC 3101 SECTION 1. (a) This Act may be cited as the "International Banking note.
Act of 1978". 12 USC 3101. (b) For the purposes of this Act— (1) "agency" means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be 'accepted from citizens or residents of the United States; (2) "Board" means the Board of Governors of the Federal Reserve System; (3) "branch" means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) "Comptroller" means the Comptroller of the Currency; (5) "Federal agency" means an agency of a foreign bank established and operating under section 4 of this Act; (6) "Federal branch" means a branch of a foreign bank established and operating under section 4 of this Act; (7) "foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this Act the term "foreign bank" includes, without limitation, foreign commercial banks, foreign merchant banks and other for e i ^ institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) "foreign country" means any country other than the United States, and includes any colony, dependency, or possession of any such country; (9) "commercial lending company" means any institution, other than a bank or an organization operating under section 25 of the Federal Reserve Act, organized under the laws of any State of the United States, or the District of Columbia which maintains credit balances incidental to or arising out of the exercise of banking powers and engages in the business of making commercial loans; (10) "State" means any State of the United States or the District of Columbia; (11) "State agency" means an agency of a foreign bank established and operating under the laws of any State;
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