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OCC Outlines Compliance Expectations for Foreign Banks with Limited U.S. Operations
By Colby Adams
printThe U.S. Treasury Department Friday revised compliance expectations and examination procedures for banking units that conduct limited operations from the United States on behalf of their foreign parent companies. In an 84-page manual, the department's Office of the Comptroller of the Currency (OCC) detailed how its examiners should enforce safety-and-soundness standards at the federal agencies and branches, which often confine their U.S. services to trade finance, wholesale banking and correspondent transactions. The handbook expands on 1999 guidance from the agency by outlining how its examiners will determine if the branch or agency of a foreign banking organization (FBO) adequately manages...
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