U.S. banks maintain international exposures, with Europe and the Americas as key counterparty markets. In this paper, we show the evolving scope of these exposures and the changes in the embodied risks taken through bank cross-border activity, local claims, and derivative positions. Conclusions differ across types of U.S. banks. Compared with other banks, money center banks tend to have higher shares of their assets in foreign exposures. Money center banks have a smaller share of their exposure as cross-border, with these exposures concentrated in lower risk countries. While money center local claims are increasingly in Latin American countries, these claims are at least partially matched by local liabilities, so that their contribution to bank transfer risk is reduced accordingly. As a share of total international exposures, money center banks tend to have significantly lower transfer risk than that contained in the average foreign exposures of other banks.