Exemptions from insurance requirements for a state branch of a foreign bank.

§ 303.186 Exemptions from insurance requirements for a state branch of a foreign bank. (a) Filing procedures—(1) Where to file. An application by a foreign bank for consent to operate as a noninsured state branch, as permitted by § 347.215(b) of this chapter, shall be submitted in writing to the appropriate FDIC office. (2) Content of filing. A complete letter application shall include the following information: (i) The kinds of deposit activities in which the state branch proposes to engage; (ii) The expected source of deposits; (iii) The manner in which deposits will be solicited; (iv) How the activity will maintain or improve the availability of credit to all sectors of the United States economy, including the international trade finance sector; (v) That the activity will not give the foreign bank an unfair competitive advantage over United States banking organizations; and (vi) A resolution by the applicant's board of directors, or evidence of approval by senior management if a resolution is not required pursuant to the applicant's organizational documents, authorizing the filing of the application. (3) Additional information. The FDIC may request additional information to complete processing. (4) Processing. The FDIC will provide the applicant with written notification of the final action taken. [67 FR 79247, Dec. 27, 2002, as amended at 70 FR 17559, Apr. 6, 2005]