Authority, purpose, and scope.

§ 347.101 Authority, purpose, and scope. (a) This subpart is issued pursuant to section 18(d) and ( l ) of the Federal Deposit Insurance Act (12 U.S.C. 1828(d), 1828( l )). (b) The rules in subpart A address the FDIC's requirements for insured state nonmember bank investments in foreign organizations, permissible foreign financial activities, loans or extensions of credit to or for the account of foreign organizations, and the FDIC's recordkeeping, supervision, and approval requirements. The rules also address the permissible activities for foreign branches of insured state nonmember banks, as well as the FDIC's requirements for establishing, operating, relocating and closing of branches in foreign countries.