U.S.banking offices abroad normally are permitted by the Federal Reserve System to engage in activities that are allowed in the foreign country even when such activities are not permitted in the U.S.

Question

Quizplus · Accepted Answer

This is true. U.S. banking offices abroad are expected to adhere to local regulations and laws, even if they are not allowed in the U.S. However, they must also comply with all applicable U.S. laws and regulations, including those set by the Federal Reserve System.

USBanking Offices Abroad Normally Are Permitted by the Federal Reserve