The Federal Reserve published a final rule requiring higher capital levels from non-US banks like Deutsche Bank, Barclays and Credit Suisse.  European banks have responded by booking more busines outside the US and converting intercompany loans.

The banks lobbied hard for an extension to new Fed Rules and got it.  The Fed is reported to be scrutinizing the methods used to boost US capital levels.

Banking is surely international but the terms in which banks enter foreign markets will change.  Big US banks fear that if the US is too tough on foreign competitors, they will retaliate in their home countries.  No one has yet raised the issue about the purpose of banks and whether or not they are fulfilling their important social functions.