12 U.S.C. § 3902 — Definitions
submitted 43 years ago by Pub. L. 98-181 to r/title-12-BANKS-AND-BANKING · 231 words · no verdicts yet
This section defines “appropriate Federal banking agency” and “banking institution” for its international-lending rules.
For this chapter, “appropriate Federal banking agency” has the meaning in section 1813(q), but the Federal Reserve Board is the agency for bank holding companies and their nonbank subsidiaries, Edge Act corporations, and Agreement Corporations. “Banking institution” means (A)(i) an insured bank or its subsidiary, (ii) an Edge Act corporation, and (iii) an Agreement Corporation; and (B), to the extent the appropriate agency decides, a foreign bank agency or branch and a commercial lending company owned or controlled by foreign banks or their controlling companies. It does not include a foreign bank itself.
For purposes of this chapter—
the term “appropriate Federal banking agency” has the same meaning given such term in section 1813(q) of this title, except that for purposes of this chapter such term means the Board of Governors of the Federal Reserve System for—
bank holding companies and any nonbank subsidiary thereof;
Edge Act corporations organized under section 25(a) 1 of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and
Agreement Corporations operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and
the term “banking institution” means—
an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank;
an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and
an Agreement Corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and
to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [12 U.S.C. 3101 et seq.]. The term “banking institution” shall not include a foreign bank.
Source credit: (Pub. L. 98–181, title I [title IX, § 903], Nov. 30, 1983, 97 Stat. 1278.)
- 1983Enacted · Pub. L. 98-181 · 97 Stat. 1278
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-181 on 1983-11-30.
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