International rules streamlined.The FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). revised three different groups of rules and regulations for international banking, consolidating them into one regulation, Part 347. The new regulation reduces filing requirements, allowing banks to compete abroad more effectively. Changes to the rules, which had not been revised since 1979, were part of the FDIC's review of its regulations and policies under section 303(a) of the Riegle Community Development and Regulatory Improvement Act of 1994. Most important for CPAs, Part 347 simplifies accounting for fees on international loam loam, soil composed of sand, silt, clay, and organic matter in evenly mixed particles of various sizes. More fertile than sandy soils, loam is not stiff and tenacious like clay soils. Its porosity allows high moisture retention and air circulation. . Instead of requiring specific accounting procedures, the new regulation directs banks to follow generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Not only does the new regulation ease filing burdens for banks that wish to open a foreign branch or make a foreign investment, but it also amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an regulations governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. insured branches of foreign banks and specifies deposit rules for uninsured state-licensed branches of foreign banks. New Part 347 is effective July 1. For more information, contact Christie A. Sciacca, associate director, FDIC Division of Supervision at 202-898-3671 or Jamey Basham, counsel in the FDIC Legal Division at 202-898-6865. |
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