OCC 2003-23
OCC Bulletin

Subject:      International Activities of National Banks; U.S. 
              Activities of Federal Branches and Agencies of Foreign 
              Banks
Description:  Notice of Proposed Rule Making Rules, Policies, and 
              Procedures for Corporate Activities; International 
              Banking Activities

Date:         June 5, 2003

TO:  Chief Executive Officers and Compliance Officers of All
     National Banks and Federal Branches and Agencies, Department
     and Division Heads, and All Examining Personnel

This bulletin transmits a notice of proposed rulemaking published
by the Office of the Comptroller of the Currency (OCC) on April
23, 2003.

Comments on the proposed rule may be submitted to the OCC on or
before June 23.  Because paper mail in the Washington area may be
subject to delay, interested persons are encouraged to e-mail or
fax comments to:

     Internet address: regs.comments@occ.treas.gov
     Fax number:  (202) 874-4448

The proposed regulation amends 12 CFR parts 5 and 28 to
streamline regulatory requirements, clarify regulatory
definitions, and simplify approval procedures for foreign banks
seeking to establish federal branches and agencies in the United
States.  Specifically, the proposed regulation: 1) eliminates the
requirement to file an application with the OCC when a foreign
bank downgrades its U.S. operations; 2) requires approval, but
not a new license, for certain additional federal branches or
agencies opened after the establishment of the initial branch
office; and 3) clarifies that a foreign bank with federal
branches and agencies in more than one state may consolidate its
capital equivalency deposits in one deposit account in a
depository bank that meets certain criteria.  The proposal also
makes conforming changes to the procedural provisions in part 5
of the OCC regulations, and amends part 5 to permit a federal
branch to make certain noncontrolling equity investments on the
same terms as national banks.

Questions about the proposed regulation may be directed to Lee
Walzer, counsel, Legislative and Regulatory Activities Division
at (202) 874-5090.



___________________________________
Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel

Attachment - 68 FR 19949
[ http: //www.occ.treas.gov/fr/fedregister/68fr19949.pdf ]