§ 347.118. Expedited processing.
164 words·~1 min read·
/us/cfr/t12/s§ 347.118·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Expedited processing of branch applications. An eligible bank may establish a foreign branch conducting activities authorized by § 347.115 in an additional foreign country, after complying with the expedited processing requirements contained in § 303.182(b) and (c)(1), if any of the following are located in two or more foreign countries:
(1)Foreign branches or foreign bank subsidiaries of the eligible bank;
(2)Foreign branches or foreign bank subsidiaries of banks and Edge or Agreement corporations affiliated with the eligible bank; and
(3)Foreign bank subsidiaries of the eligible bank's holding company.
(b)Expedited processing of applications for investment in foreign organizations. An investment that does not qualify for general consent but is otherwise in conformity with the limits and requirements of this subpart may be made 45 days after an eligible bank files a substantially complete application with the FDIC in compliance with the expedited processing requirements contained in § 303.183(b) and (c)(1), or within such earlier time as authorized by the FDIC.