How your comment currently sits a a number 3 considering you have very little truthful information in your statement if quite interesting.
First, the "speed" has nothing to do with the US regulations. The initial speed has everything to do with the conversation that happens between the card and the terminal (ATM and POS). This is what unlocks the card to allow the transaction selection process to continue. In Europe, the PIN of the card is entered to actually unlock the card, in the US, the card is just "unlocked" automatically. Now, please don't confuse the PIN of the card with the PIN of the transaction: they are two very different security items.
Second, this network balance traffic is not true. There is typically a single message that is sent out from the terminal that has all of the needed information. If the transaction is authorized, that is when the account balance (which is NOT a network or EMV requirement) is sent down to the card.
Third, there is no bank that I am aware of that actually allows for offline transactions. There could be some arrangements between particular banks and merchants, but it is not a generally accepted practice within the industry. Banks love to avoid risk whenever possible.