Which of the following is true about financial institutions in the United States compared to those in other countries?

• U.S. financial institutions have been much more heavily regulated than their foreign counterparts with regard to expansion (branching) and the services that could be offered.
• U.S. financial institutions have been regulated less than their foreign counterparts with regard to expansion (branching) and the services that could be offered.
• U.S. financial institutions and their foreign counterparts have similar regulations with regard to expansion (branching) and the services that could be offered.
• Most U.S. intermediaries are allowed to engage in nonbanking (nonfinancial) business activities, whereas the nonbanking activities of foreign financial institutions have been severely restricted until recently.
• U.S. financial institutions and their foreign counterparts have similar regulations with regard to engaging in nonbanking activities.