International Banking Act of 1978
In today's world, International Banking Act of 1978 has become a topic of increasing interest to people of all ages and walks of life. Whether for its impact on society, technology, health or culture, International Banking Act of 1978 has generated passionate debates and deep analysis. In this article, we will explore the various facets of International Banking Act of 1978, examining its evolution over time, its influence on different aspects of daily life and the future perspectives it raises. Through a multidisciplinary approach, we will try to shed light on this fascinating and relevant topic today.
The Creating International Banking Act of 1978 was a United States legislative act that brought all American branches of foreign banks and agencies under the jurisdiction of US banking regulations. It granted FDIC insurance to these domestic branches, but also required them to hold the same reserves and auditing schedules as US banks.
Prior to this act, foreign banks operating in the US were subject to varying state laws with no uniformity. Thus for the benefit of both US regulators and foreign institutions seeking uniformity and stability, this act was approved. This act required foreign banks to apply for charters and approvals to operate within the United States from the Federal Reserve. Once approved, they next must meet the required reserve ratios with FDIC standards and is subject to US accounting and regulatory standards. This act allows foreign banks to establish branches within the United States that operate lawfully and under the same rules as domestic banks.
References
- ^ a b Ahorny, Joseph; Saunders, Anthony; Swary, Itzhak (1985). "The Effects of the International Banking Act on Domestic Bank Profitiability and Risk". Journal of Money, Credit, and Banking. 17 (4). JSTOR: 493–506. doi:10.2307/1992444. JSTOR 1992444.
- ^ a b "International Banking Act of 1978". Banking Law 101. Archived from the original on 2013-06-01. Retrieved 2013-06-08.
External links
- International Banking Act of 1978 as amended (PDF/details) in the GPO Statute Compilations collection
- Public Law 95-369, 95th Congress, H.R. 10899: International Banking Act of 1978
