Through regular contact, we track changes to foreign bank regulatory and supervisory systems and seek to understand how these systems affect the banking institutions we supervise. This is especially important in the European Union, where U.S. banking organizations have substantial operations. As of September 30, 2003, thirty-four U.S. banking organizations operated in the European Union with aggregate EU assets of more than $ billion.
The challenge, of course, is not specific to fintech firms; it also affects us as regulators.