Membership of State Banking Institutions in the Federal Reserve System; International Banking Operations; Bank Holding Companies and Change in Bank Control

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The Board of Governors of the Federal Reserve System (Board) published a Notice of Proposed Rulemaking in the Federal Register on December 7, 1998. The proposed regulation would have required state member banks, certain bank holding companies and their nonbank subsidiaries, certain U.S. branches and agencies and nonbank subsidiaries of foreign banks, and Edge and Agreement corporations (collectively referred to as a ``bank'' or ``banks'') to develop and maintain ``Know Your Customer'' programs. The Board received over 17,000 comments, the overwhelming majority of which were strongly opposed to the adoption of the proposed regulation. After considering the issues raised by the comments, and in view of the strong opposition to the proposed regulation, the Board is withdrawing the Notice of Proposed Rulemaking.