Regulatory Alerts2026-02-12
Federal Reserve Board Approves Elga’s Application for a Miami Representative Office
The Federal Reserve Board has approved Cooperativa de Ahorro y Credito Elga, Ltda., a Honduran cooperative bank with approximately $355 million in assets, to establish its first United States office in Miami. The order confirms that ELGA’s home-country supervisory framework, robust anti-money laundering procedures, and strong financial resources satisfy the International Banking Act standards for a representative office. The newly authorized Miami location will serve as an administrative liaison to market and service U.S. customers without engaging in deposit-taking or lending activities, subject to the bank’s ongoing information-sharing commitments with the Board.
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