US money and capital markets have changed dramatically over the past 25 years. Despite the change and uncertainty, lending activities of branches and agencies continued to expand in US markets through the early 1990s. The focus of lending by agencies and branches of foreign banks has been...

The International Banking Act (IBA) of 1978 sharply restricted the ability of foreign banks to establish offices in more than one state. Yet during the late 1970s and early 1980s barriers to interstate banking with regard to US financial institutions were beginning to fall. The most important...