branch, foreign bank

see also Foreign Bank Branches and agencies are the most common structures of foreign banking organizations in the United States. The major difference between these two types of banking offices is that branches may accept deposits, while agencies generally may not. Both structures can make and manage loans, conduct foreign exchange activities, and trade in securities and commercial paper. These offices may conduct most of the activities a domestic bank performs. The primary exception is that foreign banks and branches may not accept deposits less than $100,000 unless they had FDIC insurance prior to December 19, 1991. State governments and the Office of the Comptroller of the Currency both license and supervise foreign bank branches and agencies. The Federal Reserve serves as the federal regulator of state-licensed foreign bank branches and agencies, in a system similar to that for domestic banks. More than 85% of the foreign bank branches and agencies in the United States are state licensed/chartered.