| For Immediate Release | September 5, 1997 |
The Federal Reserve Board, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, today issued a final rule that adopts uniform regulations implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act).
The rule is effective October 10, 1997.
As required by section 109, the rule prohibits any bank from establishing or acquiring a branch or branches outside of its home state under the Interstate Act primarily for the purpose of deposit production. The rule also provides guidelines for determining whether such a bank is reasonably helping to meet the credit needs of the communities served by interstate branches.
The agency notice is attached.