Federal Reserve Approves Honduran Bank ELGA to Open Miami Office

The limited U.S. presence does not pose a financial stability risk, regulators say.

Published on Feb. 13, 2026

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The Federal Reserve has approved an application by Cooperativa de Ahorro y Crédito ELGA, Ltda. (ELGA), a Honduran cooperative bank, to establish a representative office in Miami, Florida. The Miami office will be ELGA's first location outside of Honduras and will be limited in scope, focusing on marketing services and supporting customers, but not able to take deposits or issue loans.

Why it matters

Miami serves as a major financial gateway between the United States and Latin America, making it an important location for institutions like ELGA that serve expatriate or cross-border customers. The representative office will allow ELGA to strengthen relationships with Honduran nationals living in the U.S. while maintaining its core operations in Honduras.

The details

Under the International Banking Act, foreign banks must receive Federal Reserve approval before opening a representative office in the United States. The Fed confirmed the public comment period expired with no objections filed. The approved Miami office will operate strictly as a representative office, not a full-service branch, and will be limited in its activities to promoting and marketing ELGA's products, acting as a liaison for U.S.-based customers, providing administrative and customer service support, and conducting limited bank-office functions. It will not be able to accept deposits, issue loans, or engage in core banking activity.

  • The Federal Reserve approved ELGA's application on February 12, 2026.

The players

Cooperativa de Ahorro y Crédito ELGA, Ltda. (ELGA)

A Honduran cooperative banking institution that is the largest cooperative banking institution in Honduras and the 12th largest banking institution overall in the country by asset size. ELGA is structured as a not-for-profit cooperative with no single member controlling more than 5% of voting shares, and its membership is open to Honduran nationals and residents aged 16 and over, including Hondurans living abroad.

Federal Reserve

The central banking system of the United States that approved ELGA's application to establish a representative office in Miami, Florida.

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What’s next

Federal approval allows the office to move forward, though Florida state regulators retain authority to license and oversee the physical location. The approval is conditional, and the Fed retains authority to terminate U.S. operations if access to supervisory information is restricted or compliance issues arise.

The takeaway

ELGA's limited U.S. footprint and the restricted scope of its activities in Miami do not pose a risk to the stability of the U.S. financial system, according to the Federal Reserve. The representative office will allow ELGA to better serve its Honduran customers living in the United States without directly entering the U.S. banking system.