Spotlight On Fed's Stance On Chinese Control Of US Banks

Law360, New York (June 15, 2012, 4:36 PM EDT) -- The Federal Reserve Board last month approved for the first time a controlling investment by a Chinese bank in a U.S. bank, opening the door for future Chinese acquisitions and investments in the U.S. banking sector. The Federal Reserve’s approvals marked the first time that it has found without qualification that a Chinese bank is subject to “comprehensive consolidated supervision” or “CCS” in its home country — a critical requirement for foreign banks seeking to do business in the United States.

As a result of the...
To view the full article, register now.