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1 Overview verview of Foreign Bank Supervision in the United States Division of Banking Supervision & Regulation Board of Governors of the Federal Reserve System October,

2 The FBO Community in the United States 186 foreign banking organizations in the U.S. Total 3 rd party U.S. assets: $4.1 6/30/05 Banking: $1.7 trillion Non-banking: $2.4 trillion Total U.S. OBS assets = $25.2 trillion. Top 5 countries by total 3 rd party U.S. assets (in order): Switzerland, U.K., Germany, France, Netherlands. Total 3 rd party U.S. assets of FBOs of top 5 countries: $3.3 trillion (80% of FBO total). Strong, continuous growth in U.S. assets of European FBOs, primarily nonbanks (broker-dealers) and U.S. bank subsidiaries. 2

3 FBOs Share of U.S. Third Party Assets Are Concentrated in the Ten Largest FBOs Top 10 39% Others 61% Top 10 72% Others 28% 3

4 Legal Vehicles Available to FBOs To Create a Presence in the United States Representative Office May not book loans or deposits Branch / Agency Licensed by the States or by the OCC Most common FBO structure Not separately capitalized, but may be subject to asset pledge Generally, an agency cannot accept deposits from U.S. residents or U.S. citizens A Branch can accept deposits >$100,000: FDIC-insured branch can accept retail deposits (i.e., less than $100,000) Business: Wholesale Trade finance; Corporate; Hi-tech; RE; MM & F/X International Banking Facility ( IBF( IBF ) Offshore banking vehicle within a branch or agency with a separate set of accounting books U.S. Bank Subsidiary - Challenges: management; competition; regulatory/compliance Nonbanking companies, e.g., broker-dealer, commercial finance subsidiary, etc. Area of largest growth for FBOs in past decade. U.S. Bank (or Financial) Holding Company 4

5 U.S. Bank Supervisors: Who Supervises What Domestic and Foreign Federal Reserve ( FR( FR ) Financial Holding Companies ( FHC )) and Bank Holding Companies ( BHC( BHC ) State member banks State licensed branches and agencies Edge Act and Agreement Corporations Representative Offices Non-banks, except for broker- dealers (which SEC supervises) The FR serves as the umbrella supervisor for foreign banking organizations ( FBO( FBO ) States State-licensed branches and agencies State member and nonmember banks OCC Federally licensed branches and agencies National banks FDIC State nonmember banks Insured state licensed branches and agencies 5

6 Risk-Focused Supervisory Process I. Understand the FBO IV. Determine the Overall Condition of the FBO s U.S. Operations Risk- Focused Banking Supervision II. Assess the FBO s Risks III. Plan Supervisory Activities 6

7 I. Understand the FBO The risk-focused supervision of FBOs in the U.S. is performed under the aegis of the FBO Supervision Program that was implemented in 1995 (SR95-22). The Program shares many elements with the U.S. LCBO supervision program, including development of an Institutional Overview. It additionally incorporates studies of the home country s Financial System,, and Accounting Practices An additional, critical element is the review of the consolidated d banking organization using an analytical framework that produces a ranking ng for the Strength of Support Assessment or SOSA of the FBO. 7

8 Strength-of of-support Assessment SOSA A ranking based on an assessment of support available for U.S. operations of the FBO Financial condition and capacity of FBO s s head office System of home country bank supervision Home country support for banking system Transfer Risk considerations Ranked on a scale of 1 to 3, with 1 highest/best. If ranked 2 or 3,, may be subject to specific supervisory procedures to ensure that FBOs can honor their U.S. obligations at all times. Ranking updated as often as necessary to be current. A key driver of the FBO s s U.S. supervisory strategy. 8

9 II. Assess the Risks of the FBO The six key FR risks credit, market, liquidity, operational, legal, and reputational of of the FBO s s U.S. operations must be documented, described and assessed. A risk matrix identifies significant activities and serves as a tool to prepare the narrative risk assessment. For large complex FBOs, a major exercise requiring time and resources a key building block of the supervision process. 9

10 III. Plan Supervisory Activities Risk-focused Approach SOSA + Risk Assessment + Judgment Supervisory Plan+Examination Program Prioritize supervisory resources based on risk Coordinate reviews and examinations Strong focus on risk-management, compliance, and controls 10

11 IV. Determine the Overall Condition of the FBO s s U.S. Operations ROCA Risk Management, Operations, Compliance, and Asset Quality Applies to FBO branches and agencies only Capital is not an issue since they have none in the U.S. (other than some form of capital equivalency) Annually, a combined ROCA rating is developed for all U.S. branches and agencies of an FBO The Combined ROCA rating is a key factor in determining whether an FBO is well-managed (and therefore entitled to retain or apply for FHC status.) Also annually, a Rating for Combined U.S. Operations is developed This rating takes account of all U.S. supervisory ratings including ing any CAMELS or RFIC (BHC) ratings arising from the FBO s s ownership and/or control of U.S. banking organizations 11

12 Communicate the Results of the FBO Supervision Process Annually, the Federal Reserve communicates in writing the results of the FBO supervision process to the: Head Office Management of the FBO Resident U.S. management of the FBO Home Country Supervisor of the FBO What is communicated? 1. A Summary of Condition of U.S. Operations 2. Rating for Combined U.S. operations 3. Combined ROCA rating 4. Any corrective actions taken or to be taken 5. The SOSA ranking 12

13 SOSA 1 Supervisory Tools for Responding to SOSA-related Concerns A range of options Monitor U.S. operations for areas of concern. Assure that contingent funding and liquidity are in place. Restraints on related party transactions. Require a net due-to position. Defined asset maintenance to cover third parties. SOSA 3 Some manner of periodic reporting would be required for the above options. 13

14 Information Sharing with Foreign Supervisors Information sharing between the FR and bank supervisors in the principal p developed economies has been ongoing for many years Since the late 1990s, however, the process has become formalized and has been enshrined in a series of documents such as Memoranda of Understanding The FR has information sharing agreements in place with bank supervisors in some 14 countries (plus the European Commission), while information ion sharing agreements are under negotiation with supervisors in several additional countries As the U.S. operations of FBOs become larger and more complex; as U.S. banks expand their operations overseas selectively; and as Basel II moves toward completion, there will be a demand for increased information ion sharing with foreign supervisors on an ongoing basis For routine bank supervisory purposes as well as cooperation in addressing issues relating to anti-money laundering among other matters 14

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