and Sumitomo Mitsui Financial Group, Inc., each dated October 19, 2016, related to the risk committee requirement. 4 For instance, if the subsidiary was wholly owned by a joint venture between the foreign bank and the third party. 5 See, e.g., Jerome H. Powell, “Regulation and Supervision of Community Banks,” (speech at the Annual  Community Bankers Conference, New York, NY, May 14, 2015).
Much of this activity arose from the investment of foreign exchange reserves by countries running large current account surpluses. Some of these reserves were undoubtedly built up as a precautionary measure in light of the financial problems in emerging markets during the late 1990s, while others are attendant to policies of managed exchange rates.