347.214—Branch established under section 5 of the International Banking Act.
A foreign bank may operate any state branch as a noninsured branch whenever the foreign bank has entered into an agreement with the FRB to accept at that branch only those deposits as would be permissible for a corporation organized under section 25(a) of the Federal Reserve Act (12 U.S.C. 611
et seq.) and implementing rules and regulations administered by the FRB ( 12 CFR 211 ).