(b) Purpose and scope of Part 208. The requirements of this part 208 govern State member banks and state banks applying for admission to membership in the Federal Reserve System (System) under section 9 of the Federal Reserve Act (Act), except for § 208.7, which also applies to certain
foreign banks licensed by a State. This part 208 does not govern banks eligible for membership under section 2 or 19 of the Act.1 Any bank desiring to be admitted to the System under the provisions of section 2 or 19 should communicate with the Federal Reserve Bank with which it would like to
become a member.
(c) Purpose and scope of Subpart A. This Subpart A describes the eligibility requirements for membership of state-chartered banking institutions in the System, the general conditions imposed
upon members, including capital and dividend requirements, as well as the requirements for establishing and maintaining branches.
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