12 CFR 347.205
§ 347.205 Record maintenance.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 347.205, § 347.205 Record maintenance, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/46876
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Full text
The records of each insured branch shall be kept as though it were a separate entity, with its assets and liabilities separate from the other operations of the head office, other branches or agencies of the foreign bank and its subsidiaries or affiliates. Each insured branch must keep a set of accounts and records in the words and figures of the English language that accurately reflects the business transactions of the insured branch on a daily basis. A foreign bank that has more than one insured branch in a state may treat such insured branches as one entity for record-keeping purposes and may designate one branch to maintain records for all the branches in the state.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.