International Banking Act
International Banking Act : The IBA, passed in 1978, established a federal legislative framework for governing the activities of foreign banks, which previously had been governed only by state laws. The IBA established a policy of national treatment for U.S. offices of foreign banks by: (a) limiting any new multistate branching activities to activities more comparable to those of U.S. banks; (b) placing the foreign bank offices under the same reserve requirements that apply to U.S. banks; (c) limiting foreign bank involvement in U.S. securities; and (d) making federal deposit insurance available to U.S. offices of foreign banks if they chose to engage in retail banking. See: Foreign Bank Supervision Enhancement Act
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