Printer Friendly

International rules streamlined.

The 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. Instead of requiring specific accounting procedures, the new regulation directs banks to follow generally accepted accounting principles.

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 regulations governing 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.
COPYRIGHT 1998 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:FDIC banking rules
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1998
Words:178
Previous Article:Credit union bill wins committee approval.
Next Article:Two new statements.
Topics:


Related Articles
FINAL RULE--AMENDMENT TO REGULATION K.
BASEL COMMITTEE PROPOSAL TO AMEND CAPITAL ADEQUACY FRAMEWORK: REQUEST FOR COMMENTS AND RELEASE OF AN INTERAGENCY SUMMARY.
PROPOSED ACTION.
INTERIM RULE PERMITTING QUALIFYING STATE MEMBER BANKS TO ESTABLISH FINANCIAL SUBSIDIARIES.
Joint final rule--amendment to customer identification programs for banks, savings associations, credit unions and certain non-federally regulated...
Regulators award contract to modernize collection of bank data.
Publication of Revised Capital Framework and U.S. implementation plans.

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