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

a. 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.

b. 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.

c. U.S. financial institutions and their foreign counterparts have similar regulations with regard to engaging in nonbanking activities.

d. U.S. financial institutions and their foreign counterparts have similar regulations with regard to expansion (branching) and the services that could be offered.

e. U.S. financial institutions have been regulated less than their foreign counterparts with regard to expansion (branching) and the services that could be offered.