Printer Friendly

IBAA URGES PASSAGE OF FAIR TRADE IN FINANCIAL SERVICES ACT

 IBAA URGES PASSAGE OF FAIR TRADE IN FINANCIAL SERVICES ACT
 WASHINGTON, Jan. 22 /PRNewswire/ -- The Fair Trade in Financial Services Act would signal that the United States is serious about assuring fair treatment for American banks operating in foreign countries, the Independent Bankers Association of America (IBAA) testified today.
 "This bill will provide our regulators with an effective tool in further implementing our nation's policy of seeking national treatment for U.S. banks and securities firms," IBAA Senior Legislative Counsel Stephen J. Verdier told members of the House Banking Committee's Subcommittee on International Development, Finance, Trade and Monetary Policy.
 The Fair Trade in Financial Services Act would direct the Treasury Department to negotiate effective national treatment for U.S. banks operating in a particular foreign country similar to the treatment accorded that country's banks operating in the United States. Should negotiations fail, banking regulators would be authorized to deny applications to foreign firms seeking to expand their activities in the United States.
 Verdier described the experience of one community bank, the minority-owned California Center Bank, which serves the Korean- American community in Los Angeles. The bank is considering opening a branch in South Korea to better serve its customers but faces several obstacles. The South Korean government limits the expansion of branches in the country and prohibits the sale of CDs below a minimum level, limiting the ability of foreign banks to gather local currency deposits.
 Meanwhile, in Los Angeles, California Center Bank competes head- to-head with the giant California Korea Bank, a wholly owned subsidiary of Korea Exchange Bank. The bank "has been accorded unconditional national treatment and operates under the same laws and regulations as the locally owned community banks of Korean-American immigrants," Verdier noted. Its considerable advantages give it a huge competitive edge over U.S. banks.
 IBAA is the only national trade association that exclusively represents the nation's community banks.
 -0- 1/22/92
 /CONTACT: Stephen J. Verdier of the Independent Bankers Association of America, 202-659-8111/ CO: Independent Bankers Association of America ST: District of Columbia IN: FIN SU: LEG


DC-MH -- DC012 -- 2228 01/22/92 11:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:353
Previous Article:KENTUCKY CENTRAL LIFE INSURANCE COMPANY ISSUES STATEMENT CONCERNING CHARGES OF RACISM
Next Article:AMES REPORTS DECEMBER RESULTS
Topics:


Related Articles
IBAA OPPOSES MANDATORY ELECTRONIC FILING OF BANK CALL REPORTS
IBAA URGES REGULATORS TO ACT 'WITH RESTRAINT AND REASON'
IBAA URGES CONGRESS TO SUPPORT INCREASED SBA FUNDING
IBAA OPPOSES FAIR (MARKET) VALUE ACCOUNTING
REDUCING REGULATORY BURDEN, PROTECTING DEPOSIT INSURANCE ADOPTED AS IBAA'S TOP PRIORITIES
IBAA URGES FEDERAL HOME LOAN BANK SYSTEM TO EXPAND COMMUNITY BANK MEMBERSHIP
IBAA UNVEILS REGULATORY-RELIEF LEGISLATION
IBAA REITERATES SUPPORT FOR TIERED CRA TO FREE COMMUNITY BANKS FROM PAPER CHASE
IBAA URGES PASSAGE OF THE FINANCIAL INSTITUTIONS REGULATORY RELIEF ACT
IBAA TO FOCUS ON REGULATORY RELIEF AND LEVELING THE PLAYING FIELD WITH CREDIT UNIONS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters