12 CFR 211.1 - Authority, purpose, and scope.
(a)Authority. This subpart is issued by the Board of Governors of the Federal Reserve System (Board) under the authority of the Federal Reserve Act (FRA) ( 12 U.S.C. 221et seq.); the Bank Holding Company Act of 1956 (BHC Act) ( 12 U.S.C. 1841et seq.); and the International Banking Act of 1978 (IBA) ( 12 U.S.C. 3101et seq.).
(b)Purpose. This subpart sets out rules governing the international and foreign activities of U.S. banking organizations, including procedures for establishing foreign branches and Edge and agreement corporations to engage in international banking, and for investments in foreign organizations.
(c)Scope. This subpart applies to:
1 Section 25 of the FRA ( 12 U.S.C. 601- 604a), which refers to national banking associations, also applies to state member banks of the Federal Reserve System by virtue of section 9 of the FRA ( 12 U.S.C. 321)