Establishment or operation of noninsured foreign branch.

(a) A foreign bank may establish or operate a state branch, as provided by state law, without federal deposit insurance whenever: (1) The branch only accepts initial deposits in an amount equal to the SMDIA or greater; or (2) The branch meets the criteria set forth in § 347.214 or § 347.215. (b) [Reserved] [70 FR 17560, Apr. 6, 2005, as amended at 74 FR 47718, Sept. 17, 2009]