A commercial bank approved by the U.S. Comptroller of the Currency, which is required to be a member of and purchase stocks in the Federal Reserve System.
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Bank for International Settlements (BIS)
Bank for International Settlements (BIS) An international bank headquartered in Basel, Switzerland, which serves
as a forum for monetary cooperation among several European central banks,
the Bank of Japan, and the US
Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international
banking activity and promulgates rules concerning international bank regulation.