---
kind: "section"
citation: "12 C.F.R. § 5.70"
title: "12"
number: "5.70"
heading: "Federal branches and agencies."
url: "https://uscodex.org/cfr/12/5.70"
---

# §5.70. Federal branches and agencies.

- (a) **Authority.** 12 U.S.C. [93a](/usc/12/93a.md) and [3101](/usc/12/3101.md) et seq.
- (b) **Scope.** This subpart describes the filing requirements for corporate activities and transactions involving Federal branches and agencies of foreign banks. Substantive rules and policies for specific applications are contained in [12 CFR part 28](/cfr/12/part28.md).
- (c) **Definitions.** For purposes of this subpart:
  - (1) To establish a Federal branch or agency means to:
    - (i) Open and conduct business through an initial or additional Federal branch or agency;
    - (ii) Acquire directly, through merger, consolidation, or similar transaction with another foreign bank, the operations of a Federal branch or agency that is open and conducting business;
    - (iii) Acquire a Federal branch or agency through the acquisition of a foreign bank subsidiary that will cease to operate in the same corporate form following the acquisition;
    - (iv) Convert a State branch or State agency operated by a foreign bank, or a commercial lending company controlled by a foreign bank, into a Federal branch or agency;
    - (v) Relocate a Federal branch or agency within a State or from one State to another; or
    - (vi) **Convert a Federal agency or a limited Federal branch into a Federal branch.**
  - (2) **Federal branch—** includes a limited Federal branch unless otherwise provided.
- (d) **Filing requirements—**
  - (1) **General.** Unless otherwise provided in [12 CFR part 28](/cfr/12/part28.md), a Federal branch or agency must comply with the applicable requirements of this part.
  - (2) **Applications.** A foreign bank must submit an application and obtain prior approval from the OCC before it:
    - (i) Establishes a Federal branch or agency; or
    - (ii) **Exercises fiduciary powers at a Federal branch.** A foreign bank may submit an application to exercise fiduciary powers at the time of filing an application for a Federal branch license or at any subsequent date.
  - (3) **Biographical and Financial Reports.** The OCC may require any senior executive officer of a Federal branch or agency submitting a filing to submit an Interagency Biographical and Financial Report, available at www.occ.gov, and legible fingerprints.

## Notes

### Amendments

[61 FR 60363, Nov. 27, 1996, as amended at 68 FR 70698, Dec. 19, 2003; 85 FR 80470, Dec. 11, 2020]

### Authority

Authority: 12 U.S.C. 1 et seq., 24a, 35, 93a, 214a, 215, 215a, 215a-1, 215a-2, 215a-3, 215c, 371d, 481, 1462a, 1463, 1464, 1817(j), 1831i, 1831u, 2901 et seq., 3101 et seq., 3907, and 5412(b)(2)(B).

### Source

Source: 61 FR 60363, Nov. 27, 1996, unless otherwise noted.

### Amendments

[61 FR 60363, Nov. 27, 1996, as amended at 68 FR 70698, Dec. 19, 2003; 85 FR 80470, Dec. 11, 2020]