International Banking Act of 1978

[AI summary unavailable — showing source text] International Banking Act - Amends the Federal Reserve Act to permit foreign banks to establish and operate Federal branches in any State in which it is not prohibited for a foreign bank to establish such a branch upon receipt of approval from the Comptroller of the Currency. Sets forth considerations which the Comptroller must take into account in determining whether to permit foreign banks to operate under this Act. Permits the Comptroller, in his discretion, to waive specified citizenship requirements with respect to directors of associations which are subsidiaries or affiliates of foreign banks. Permits a foreign bank, with the approval of the Comptroller, to convert any branch operated pursuant to State law into a Federal branch and to establish and operate additional branches in the State in which it is operating. Terminates the authority to operate a Federal branch when (1) the parent bank voluntarily relinquishes it; (2) the parent bank is dissolved; (3) the Comptroller has reasonable cause to believe that a foreign bank has not complied with the provisions of this Act and revokes the authority to operate a Federal branch; or (4) when a conservator is appointed for such for…