§ 1672 Foreign Bank Reporting Requirements

• •Foreign banks with a California branch must file reports to the state regulator when required
• •Reports must follow the format, content, signing, and verification rules the regulator sets
• •The regulator can require these reports by regulation or order

A foreign bank such as HSBC opens a branch in Los Angeles and must periodically send reports to the California banking commissioner about its activities.

Because the bank has a branch in California, the state can demand that it submit reports about its business, and those reports must follow the format, contain the required information, be signed as instructed, and be verified if the commissioner orders it.