§ 347.213. Establishment or operation of noninsured foreign branch.
69 words·~1 min read·
/us/cfr/t12/s§ 347.213·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A foreign bank may establish or operate a state branch, as provided by state law, without federal deposit insurance whenever:
(1)The branch only accepts initial deposits in an amount equal to the SMDIA or greater; or
(2)The branch meets the criteria set forth in § 347.214 or § 347.215.
(b)[Reserved] [70 FR 17560, Apr. 6, 2005, as amended at 74 FR 47718, Sept. 17, 2009]