ardless of whether they were seeking federal or state licenses. In order to receive such approval, the foreign bank (1) must be engaged in the business of banking outside the Unites States, (2) must be subject to comprehensive supervision on a consolidated basis by its home country supervisor, and (3) must provide sufficient information to the Federal Reserve to assess the application. In assessing the application, the Federal Reserve may also take into consideration whether the foreign bank's home country regulator has approved of the proposed U.S. office, whether the foreign bank has adequate financial and managerial resources, and whether the foreign bank is in compliance with applicable U.S. law. The Board may also consider the "needs of the community" and the history of the bank's operation and relative size in its home country.
The most important consideration is the mandatory standard under which the Board determines whether the foreign bank is subject to comprehensive home country supervision on a consolidated basis. The Board promulgated
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