Indeed, the Federal Reserve and other U.S. agencies have, for many years, worked with their international counterparts to limit the difficulties and burdens that have arisen as foreign banks have entered U.S. markets and as U.S. banks have established operations in other jurisdictions.
Throughout the Basel II process, we have been engaged in dialogue with our international counterparts through various avenues, such as supervisory working colleges, to share ideas and tackle specific issues as they arise. Some of these issues are very institution- and country-specific and are, therefore, better addressed through individual conversations with an institution and its relevant supervisors.