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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 fact that contributed to foreign bank involvement in interstate commerce was the grandfather provision, which permitted multistate networks to remain in operation. New interstate banking has been curbed by restrictions on full‐service offices, but it has continued to develop through Edge‐Act Corporations, bank holding companies and the use of non‐bank banks. Interstate banking is likely to benefit the public and will probably continue to expand but at a slower rate and more in line with that of US banks.

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