r/title-12-BANKS-AND-BANKING wiki — defined terms

“Director” applies throughout its part

the terms “Office” and “Director” mean the Office of Financial Research established under this part and the Director thereof, respectively;

“financial company” applies throughout its part

the term “financial company” has the same meaning as in subchapter II, and includes an insured depository institution and an insurance company;

“financial contract” applies throughout its part

the term “financial contract” means a legally binding agreement between 2 or more counterparties, describing rights and obligations relating to the future delivery of items of intrinsic or extrinsic value among the counterparties; and;

“financial instrument” applies throughout its part

the term “financial instrument” means a financial contract in which the terms and conditions are publicly available, and the roles of one or more of the counterparties are assignable without the consent of any of the other counterparties (including common stock of a publicly traded company, government bonds, or exchange traded futures and options contracts).

“financial transaction data” applies throughout its part

the term “financial transaction data” means the structure and legal description of a financial contract, with sufficient detail to describe the rights and obligations between counterparties and make possible an independent valuation;

“Office” applies throughout its part

the terms “Office” and “Director” mean the Office of Financial Research established under this part and the Director thereof, respectively;

“position data” applies throughout its part

the term “position data”— (A) means data on financial assets or liabilities held on the balance sheet of a financial company, where positions are created or changed by the execution of a financial transaction; and (B) includes information that identifies counterparties, the valuation by the financial company of the position, and information that makes possible an independent valuation of the position;

“Research and Analysis Center” applies throughout its part

the term “Research and Analysis Center” means the research and analysis center established under section 5344 of this title ;

“off-balance-sheet activities” applies in that section

the term “off-balance-sheet activities” means an existing liability of a company that is not currently a balance sheet liability, but may become one upon the happening of some future event, including the following transactions, to the extent that they may create a liability: (A) Direct credit substitutes in which a bank substitutes its own credit for a third party, including standby letters of credit. (B) Irrevocable letters of credit that guarantee repayment of commercial paper or tax-exempt securities. (C) Risk participations in bankers’ acceptances. (D) Sale and repurchase agreements. (E) Asset sales with recourse against the seller. (F) Interest rate swaps. (G) Credit swaps.

“short-term debt” applies in that section

the term “short-term debt” means such liabilities with short-dated maturity that the Board of Governors identifies, by regulation, except that such term does not include insured deposits. (4) Rulemaking authority In addition to prescribing regulations under paragraphs (1) and (3), the Board of Governors may prescribe such regulations, including definitions consistent with this subsection, and issue such orders, as may be necessary to carry out this subsection. (5) Authority to issue exemptions and adjustments Notwithstanding the Bank Holding Company Act of 1956 ( 12 U.S.C.

“business of insurance” applies in that section

The term “business of insurance” has the same meaning as in section 5481(3) of this title . (5) Person regulated by a State insurance regulator

“capacity as a regulated insurance entity” applies in that section

The term “capacity as a regulated insurance entity”— (A) includes any action or activity undertaken by a person regulated by a State insurance regulator or a regulated foreign subsidiary or regulated foreign affiliate of such person, as those actions relate to the provision of insurance, or other activities necessary to engage in the business of insurance; and (B) does not include any action or activity, including any financial activity, that is not regulated by a State insurance regulator or a foreign agency or authority and subject to State insurance capital requirements or, in the case of a regulated foreign subsidiary or regulated foreign affiliate, capital requirements imposed by a …

“depository institution holding company” applies in that section

The term “depository institution holding company” means a bank holding company or a savings and loan holding company (as those terms are defined in section 1813 of this title ) that is organized in the United States, including any bank or savings and loan holding company that is owned or controlled by a foreign organization, but does not include the foreign organization. (4) Business of insurance

“generally applicable leverage capital requirements” applies in that section

The term “generally applicable leverage capital requirements” means— (A) the minimum ratios of tier 1 capital to average total assets, as established by the appropriate Federal banking agencies to apply to insured depository institutions under the prompt corrective action regulations implementing section 1831 o of this title, regardless of total consolidated asset size or foreign financial exposure; and (B) includes the regulatory capital components in the numerator of that capital requirement, average total assets in the denominator of that capital requirement, and the required ratio of the numerator to the denominator. (2) Generally applicable risk-based capital requirements

“generally applicable risk-based capital requirements” applies in that section

The term “generally applicable risk-based capital requirements” means— (A) the risk-based capital requirements, as established by the appropriate Federal banking agencies to apply to insured depository institutions under the prompt corrective action regulations implementing section 1831 o of this title, regardless of total consolidated asset size or foreign financial exposure; and (B) includes the regulatory capital components in the numerator of those capital requirements, the risk-weighted assets in the denominator of those capital requirements, and the required ratio of the numerator to the denominator. (3) Definition of depository institution holding company

“person regulated by a State insurance regulator” applies in that section

The term “person regulated by a State insurance regulator” has the same meaning as in section 5481(22) of this title . (6) Regulated foreign subsidiary and regulated foreign affiliate

“regulated foreign affiliate” applies in that section

The terms “regulated foreign subsidiary” and “regulated foreign affiliate” mean a person engaged in the business of insurance in a foreign country that is regulated by a foreign insurance regulatory authority that is a member of the International Association of Insurance Supervisors or other comparable foreign insurance regulatory authority as determined by the Board of Governors following consultation with the State insurance regulators, including the lead State insurance commissioner (or similar State official) of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners, where …

“regulated foreign subsidiary” applies in that section

The terms “regulated foreign subsidiary” and “regulated foreign affiliate” mean a person engaged in the business of insurance in a foreign country that is regulated by a foreign insurance regulatory authority that is a member of the International Association of Insurance Supervisors or other comparable foreign insurance regulatory authority as determined by the Board of Governors following consultation with the State insurance regulators, including the lead State insurance commissioner (or similar State official) of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners, where …

“smaller insured depository institution” applies in that section

the term “smaller insured depository institution” means an insured depository institution with total consolidated assets of $5,000,000,000 or less. (C) Report to Congress Not later than 18 months after July 21, 2010 , the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report summarizing the results of the study conducted under subparagraph (A), together with any recommendations for legislative or regulatory action that would enhance the access to capital of smaller insured depository institutions, in a manner that is consistent with safe and …

“administrative expenses of the receiver” applies throughout its subchapter

The term “administrative expenses of the receiver” includes— (A) the actual, necessary costs and expenses incurred by the Corporation as receiver for a covered financial company in liquidating a covered financial company; and (B) any obligations that the Corporation as receiver for a covered financial company determines are necessary and appropriate to facilitate the smooth and orderly liquidation of the covered financial company. (2) Bankruptcy Code

“Bankruptcy Code” applies throughout its subchapter

The term “Bankruptcy Code” means title 11. (3) Bridge financial company

“bridge financial company” applies throughout its subchapter

The term “bridge financial company” means a new financial company organized by the Corporation in accordance with section 5390(h) of this title for the purpose of resolving a covered financial company. (4) Claim

“claim” applies throughout its subchapter

The term “claim” means any right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. (5) Company

“company” applies throughout its subchapter

The term “company” has the same meaning as in section 1841(b) of this title , except that such term includes any company described in paragraph (11), the majority of the securities of which are owned by the United States or any State. (6) Court

“Court” applies throughout its subchapter

The term “Court” means the United States District Court for the District of Columbia, unless the context otherwise requires. (7) Covered broker or dealer

“covered broker or dealer” applies throughout its subchapter

The term “covered broker or dealer” means a covered financial company that is a broker or dealer that— (A) is registered with the Commission under section 78 o (b) of title 15; and (B) is a member of SIPC. (8) Covered financial company

“covered financial company” applies throughout its subchapter

The term “covered financial company”— (A) means a financial company for which a determination has been made under section 5383(b) of this title ; and (B) does not include an insured depository institution. (9) Covered subsidiary

“covered subsidiary” applies throughout its subchapter

The term “covered subsidiary” means a subsidiary of a covered financial company, other than— (A) an insured depository institution; (B) an insurance company; or (C) a covered broker or dealer. (10) Definitions relating to covered brokers and dealers The terms “customer”, “customer name securities”, “customer property”, and “net equity” in the context of a covered broker or dealer, have the same meanings as in section 78 lll of title 15. (11) Financial company

“financial company” applies throughout its subchapter

The term “financial company” means any company that— (A) is incorporated or organized under any provision of Federal law or the laws of any State; (B) is— (i) a bank holding company, as defined in section 1841(a) of this title ; (ii) a nonbank financial company supervised by the Board of Governors; (iii) any company that is predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of section 1843(k) of this title other than a company described in clause (i) or (ii); or (iv) any subsidiary of any company described in any of clauses (i) through (iii) that is predominantly engaged in activities that the Board of …

“Fund” applies throughout its subchapter

The term “Fund” means the Orderly Liquidation Fund established under section 5390(n) of this title . (13) Insurance company

“insurance company” applies throughout its subchapter

The term “insurance company” means any entity that is— (A) engaged in the business of insurance; (B) subject to regulation by a State insurance regulator; and (C) covered by a State law that is designed to specifically deal with the rehabilitation, liquidation, or insolvency of an insurance company. (14) Nonbank financial company

“nonbank financial company” applies throughout its subchapter

The term “nonbank financial company” has the same meaning as in section 5311(a)(4)(C) of this title . (15) Nonbank financial company supervised by the Board of Governors

“nonbank financial company supervised by the Board of Governors” applies throughout its subchapter

The term “nonbank financial company supervised by the Board of Governors” has the same meaning as in section 5311(a)(4)(D) of this title . (16) SIPC

“SIPC” applies throughout its subchapter

The term “SIPC” means the Securities Investor Protection Corporation. (b) Definitional criteria For purpose of the definition of the term “financial company” under subsection (a)(11), no company shall be deemed to be predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of section 1843(k) of this title , if the consolidated revenues of such company from such activities constitute less than 85 percent of the total consolidated revenues of such company, as the Corporation, in consultation with the Secretary, shall establish by regulation.

“filing date” applies in that section

the term “filing date” means the date on which the Corporation is appointed as receiver of the covered broker or dealer. (D) Determination of claims As trustee for the covered broker or dealer, SIPC shall determine and satisfy, consistent with this subchapter and with the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78aaa et seq.), all claims against the covered broker or dealer arising on or before the filing date.

“business day” applies in that section

the term “business day” means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve Bank of New York is closed. (11) Disaffirmance or repudiation of qualified financial contracts In exercising the rights of disaffirmance or repudiation of the Corporation as receiver with respect to any qualified financial contract to which a covered financial company is a party, the Corporation shall either— (A) disaffirm or repudiate all qualified financial contracts between— (i) any person or any affiliate of such person; and (ii) the covered financial company in default; or (B) disaffirm or repudiate none of the qualified financial …

“clearing organization” applies in that section

the term “clearing organization” has the same meaning as in section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991 [ 12 U.S.C. 4402 ]. (10) Notification of transfer (A) In general (i) Notice The Corporation shall provide notice in accordance with clause (ii), if— (I) the Corporation as receiver for a covered financial company in default or in danger of default transfers any assets or liabilities of the covered financial company; and (II) the transfer includes any qualified financial contract.

“commodity broker” applies in that section

the terms “commodity broker” and “stockbroker” have the same meanings as in section 101 of the Bankruptcy Code. (n) Orderly Liquidation Fund (1) Establishment There is established in the Treasury of the United States a separate fund to be known as the “Orderly Liquidation Fund”, which shall be available to the Corporation to carry out the authorities contained in this subchapter, for the cost of actions authorized by this subchapter, including the orderly liquidation of covered financial companies, payment of administrative expenses, the payment of principal and interest by the Corporation on obligations issued under paragraph (5), and the exercise of the authorities of the Corporation …

“commodity contract” applies in that section

The term “commodity contract” means— (I) with respect to a futures commission merchant, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade; (II) with respect to a foreign futures commission merchant, a foreign future; (III) with respect to a leverage transaction merchant, a leverage transaction; (IV) with respect to a clearing organization, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or …

“customer” applies in that section

the terms “customer”, “customer name security”, and “customer property and member property” have the same meanings as in sections 741 and 761 of title 11; and;

“customer name security” applies in that section

the terms “customer”, “customer name security”, and “customer property and member property” have the same meanings as in sections 741 and 761 of title 11; and;

“customer property and member property” applies in that section

the terms “customer”, “customer name security”, and “customer property and member property” have the same meanings as in sections 741 and 761 of title 11; and;

“default” applies in that section

the term “default” means, with respect to a covered financial company, any adjudication or other official decision by any court of competent jurisdiction, or other public authority pursuant to which the Corporation has been appointed receiver; and;

“eligible financial company” applies in that section

the term “eligible financial company” means any bank holding company with total consolidated assets equal to or greater than $50,000,000,000 and any nonbank financial company supervised by the Board of Governors. (B) Assessments The Corporation shall charge one or more risk-based assessments in accordance with the provisions of subparagraph (D), if such assessments are necessary to pay in full the obligations issued by the Corporation to the Secretary under this subchapter within 60 months of the date of issuance of such obligations.

“financial institution” applies in that section

the term “financial institution” means a broker or dealer, a depository institution, a futures commission merchant, a bridge financial company, or any other institution determined by the Corporation, by regulation, to be a financial institution; and;

“forward contract” applies in that section

The term “forward contract” means— (I) a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a maturity date that is more than 2 days after the date on which the contract is entered into, including a repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in clause (v)), consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, …

“implementation expenses” applies in that section

the term “implementation expenses”— (i) means costs incurred by the Corporation beginning on July 21, 2010 , as part of its efforts to implement this subchapter that do not relate to a particular covered financial company; and (ii) includes the costs incurred in connection with the development of policies, procedures, rules, and regulations and other planning activities of the Corporation consistent with carrying out this subchapter. (o) Assessments (1) Risk-based assessments (A) Eligible financial companies defined For purposes of this subsection,

“in danger of default” applies in that section

the term “in danger of default” means a covered financial company with respect to which the Corporation or appropriate State authority has determined that— (aa) in the opinion of the Corporation or such authority— (AA) the covered financial company is not likely to be able to pay its obligations in the normal course of business; and (BB) there is no reasonable prospect that the covered financial company will be able to pay such obligations without Federal assistance; or (bb) in the opinion of the Corporation or such authority— (AA) the covered financial company has incurred or is likely to incur losses that will deplete all or substantially all of its capital; and (BB) there is no …

“insider” applies throughout its subchapter

the term “insider” has the same meaning as in section 101(31) of the Bankruptcy Code; (II) a transfer is made when such transfer is so perfected that a bona fide purchaser from the covered financial company against whom applicable law permits such transfer to be perfected cannot acquire an interest in the property transferred that is superior to the interest in such property of the transferee, but if such transfer is not so perfected before the date on which the Corporation is appointed as receiver for the covered financial company, such transfer is made immediately before the date of such appointment; and;

“insolvent” applies throughout its subchapter

the term “insolvent” has the same meaning as in section 101(32) of the Bankruptcy Code. (12) Setoff (A) Generally Except as otherwise provided in this subchapter, any right of a creditor to offset a mutual debt owed by the creditor to any covered financial company that arose before the Corporation was appointed as receiver for the covered financial company against a claim of such creditor may be asserted if enforceable under applicable noninsolvency law, except to the extent that— (i) the claim of the creditor against the covered financial company is disallowed; (ii) the claim was transferred, by an entity other than the covered financial company, to the creditor— (I) after the Corporation …

“insufficiency” applies throughout its subchapter

the term “insufficiency” means the amount, if any, by which a claim against the covered financial company exceeds a mutual debt owed to the covered financial company by the holder of such claim. (C) Insolvency

“person” applies in that section

The term “person” includes any governmental entity in addition to any entity included in the definition of such term in section 1, title 1. (E) Clarification No provision of law shall be construed as limiting the right or power of the Corporation, or authorizing any court or agency to limit or delay, in any manner, the right or power of the Corporation to transfer any qualified financial contract or to disaffirm or repudiate any such contract in accordance with this subsection.

“qualified financial contract” applies in that section

The term “qualified financial contract” means any securities contract, commodity contract, forward contract, repurchase agreement, swap agreement, and any similar agreement that the Corporation determines by regulation, resolution, or order to be a qualified financial contract for purposes of this paragraph. (ii) Securities contract

“records” applies in that section

the terms “records” and “records of a covered financial company” mean any document, book, paper, map, photograph, microfiche, microfilm, computer or electronically-created record generated or maintained by the covered financial company in the course of and necessary to its transaction of business. (b) Priority of expenses and unsecured claims (1) In general Unsecured claims against a covered financial company, or the Corporation as receiver for such covered financial company under this section, that are proven to the satisfaction of the receiver shall have priority in the following order: (A) Administrative expenses of the receiver.

“records of a covered financial company” applies in that section

the terms “records” and “records of a covered financial company” mean any document, book, paper, map, photograph, microfiche, microfilm, computer or electronically-created record generated or maintained by the covered financial company in the course of and necessary to its transaction of business. (b) Priority of expenses and unsecured claims (1) In general Unsecured claims against a covered financial company, or the Corporation as receiver for such covered financial company under this section, that are proven to the satisfaction of the receiver shall have priority in the following order: (A) Administrative expenses of the receiver.

“securities contract” applies in that section

The term “securities contract”— (I) means a contract for the purchase, sale, or loan of a security, a certificate of deposit, a mortgage loan, any interest in a mortgage loan, a group or index of securities, certificates of deposit, or mortgage loans or interests therein (including any interest therein or based on the value thereof), or any option on any of the foregoing, including any option to purchase or sell any such security, certificate of deposit, mortgage loan, interest, group or index, or option, and including any repurchase or reverse repurchase transaction on any such security, certificate of deposit, mortgage loan, interest, group or index, or option (whether or not such …

“stockbroker” applies in that section

the terms “commodity broker” and “stockbroker” have the same meanings as in section 101 of the Bankruptcy Code. (n) Orderly Liquidation Fund (1) Establishment There is established in the Treasury of the United States a separate fund to be known as the “Orderly Liquidation Fund”, which shall be available to the Corporation to carry out the authorities contained in this subchapter, for the cost of actions authorized by this subchapter, including the orderly liquidation of covered financial companies, payment of administrative expenses, the payment of principal and interest by the Corporation on obligations issued under paragraph (5), and the exercise of the authorities of the Corporation …

“swap agreement” applies in that section

The term “swap agreement” means— (I) any agreement, including the terms and conditions incorporated by reference in any such agreement, which is an interest rate swap, option, future, or forward agreement, including a rate floor, rate cap, rate collar, cross-currency rate swap, and basis swap; a spot, same day-tomorrow, tomorrow-next, forward, or other foreign exchange, precious metals, or other commodity agreement; a currency swap, option, future, or forward agreement; an equity index or equity swap, option, future, or forward agreement; a debt index or debt swap, option, future, or forward agreement; a total return, credit spread or credit swap, option, future, or forward agreement; a …

“transfer” applies in that section

The term “transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the equity of redemption of the covered financial company. (x) Person

“value” applies throughout its subchapter

the term “value” means property, or satisfaction or securing of a present or antecedent debt of the covered financial company, but does not include an unperformed promise to furnish support to the covered financial company; and (ii) subparagraph (B)— (I) the covered financial company is presumed to have been insolvent on and during the 90-day period immediately preceding the date of appointment of the Corporation as receiver; and;

“walkaway clause” applies in that section

the term “walkaway clause” means any provision in a qualified financial contract that suspends, conditions, or extinguishes a payment obligation of a party, in whole or in part, or does not create a payment obligation of a party that would otherwise exist, solely because of the status of such party as a nondefaulting party in connection with the insolvency of a covered financial company that is a party to the contract or the appointment of or the exercise of rights or powers by the Corporation as receiver for such covered financial company, and not as a result of the exercise by a party of any right to offset, setoff, or net obligations that exist under the contract, any other contract …

“transferred employee” applies throughout this title

the term “transferred employee” means, as the context requires, an employee transferred to the Office of the Comptroller of the Currency or the Corporation under section 5432 of this title .

“transfer date” applies in that section

the term “transfer date” means the date that is 1 year after July 21, 2010 . (b) Extension permitted (1) Notice required The Secretary, in consultation with the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the Board of Governors, and the Chairperson of the Corporation, may extend the period under subsection (a) and designate a transfer date that is not later than 18 months after July 21, 2010 , if the Secretary transmits to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives— (A) a written determination that commencement of the orderly process to implement …

“affected employee” applies in that section

the term “affected employee” means— (i) an employee transferred from the Office of Thrift Supervision holding a permanent position on the day before the transfer date; and (ii) an employee of the Office of the Comptroller of the Currency or the Corporation holding a permanent position on the day before the transfer date.

“existing retirement plan” applies in that section

the term “existing retirement plan” means, with respect to a transferred employee, the retirement plan (including the Financial Institutions Retirement Fund), and any associated thrift savings plan, of the agency from which the employee was transferred in which the employee was enrolled on the day before the date on which the employee was transferred.

“agency” applies in that section

The term “agency” means— (A) the Departmental Offices of the Department of the Treasury; (B) the Corporation; (C) the Federal Housing Finance Agency; (D) each of the Federal reserve banks; (E) the Board; (F) the National Credit Union Administration; (G) the Office of the Comptroller of the Currency; (H) the Commission; and (I) the Bureau. (2) Agency administrator

“agency administrator” applies in that section

The term “agency administrator” means the head of an agency. (3) Minority

“minority” applies in that section

The term “minority” has the same meaning as in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note). (4) Minority-owned business

“minority-owned business” applies in that section

The term “minority-owned business” has the same meaning as in section 1441a(r)(4)(A) of this title , as in effect on the day before the transfer date. (5) Office

“Office” applies in that section

The term “Office” means the Office of Minority and Women Inclusion established by an agency under subsection (a). (6) Women-owned business

“women-owned business” applies in that section

The term “women-owned business” has the meaning given the term “women’s business” in section 1441a(r)(4)(B) of this title , as in effect on the day before the transfer date.

“appropriate financial regulator” applies throughout its subchapter

The term “appropriate financial regulator” means— (A) the primary financial regulatory agency, as defined in section 5301 of this title ; (B) the National Credit Union Administration, with respect to any insured credit union under the Federal Credit Union Act ( 12 U.S.C. 1751 et seq.); and (C) the Board of Governors, with respect to organizations operating under section 25A of the Federal Reserve Act ( 12 U.S.C. 611 ), and any other financial institution engaged in a designated activity. (2) Designated activity

“designated activity” applies throughout its subchapter

The term “designated activity” means a payment, clearing, or settlement activity that the Council has designated as systemically important under section 5463 of this title . (3) Designated clearing entity

“designated clearing entity” applies throughout its subchapter

The term “designated clearing entity” means a designated financial market utility that is a derivatives clearing organization registered under section 5b of the Commodity Exchange Act ( 7 U.S.C. 7a–1 ) or a clearing agency registered with the Securities and Exchange Commission under section 17A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78q–1 ). (4) Designated financial market utility

“designated financial market utility” applies throughout its subchapter

The term “designated financial market utility” means a financial market utility that the Council has designated as systemically important under section 5463 of this title . (5) Financial institution (A) In general

“financial institution” applies throughout its subchapter

The term “financial institution” means— (i) a depository institution, as defined in section 1813 of this title ; (ii) a branch or agency of a foreign bank, as defined in section 3101 of this title ; (iii) an organization operating under section 25 or 25A of the Federal Reserve Act ( 12 U.S.C. 601–604a and 611 through 631); (iv) a credit union, as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); 1 (v) a broker or dealer, as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C.

“financial market utility” applies throughout its subchapter

The term “financial market utility” means any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and the person. (B) Exclusions The term “financial market utility” does not include— (i) designated contract markets, registered futures associations, swap data repositories, and swap execution facilities registered under the Commodity Exchange Act ( 7 U.S.C.

“financial transaction” applies throughout its subchapter

the term “financial transaction” includes— (i) funds transfers; (ii) securities contracts; (iii) contracts of sale of a commodity for future delivery; (iv) forward contracts; (v) repurchase agreements; (vi) swaps; (vii) security-based swaps; (viii) swap agreements; (ix) security-based swap agreements; (x) foreign exchange contracts; (xi) financial derivatives contracts; and (xii) any similar transaction that the Council determines to be a financial transaction for purposes of this subchapter.

“payment, clearing, or settlement activity” applies throughout its subchapter

The term “payment, clearing, or settlement activity” means an activity carried out by 1 or more financial institutions to facilitate the completion of financial transactions, but shall not include any offer or sale of a security under the Securities Act of 1933 ( 15 U.S.C. 77a et seq.), or any quotation, order entry, negotiation, or other pre-trade activity or execution activity. (B) Financial transaction For the purposes of subparagraph (A),

“Supervisory Agency” applies throughout its subchapter

The term “Supervisory Agency” means the Federal agency that has primary jurisdiction over a designated financial market utility under Federal banking, securities, or commodity futures laws, as follows: (i) The Securities and Exchange Commission, with respect to a designated financial market utility that is a clearing agency registered with the Securities and Exchange Commission. (ii) The Commodity Futures Trading Commission, with respect to a designated financial market utility that is a derivatives clearing organization registered with the Commodity Futures Trading Commission.

“systemic importance” applies throughout its subchapter

The terms “systemically important” and “systemic importance” mean a situation where the failure of or a disruption to the functioning of a financial market utility or the conduct of a payment, clearing, or settlement activity could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the financial system of the United States.

“systemically important” applies throughout its subchapter

The terms “systemically important” and “systemic importance” mean a situation where the failure of or a disruption to the functioning of a financial market utility or the conduct of a payment, clearing, or settlement activity could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the financial system of the United States.

“affiliate” applies throughout this title

The term “affiliate” means any person that controls, is controlled by, or is under common control with another person. (2) Bureau

“Bureau” applies throughout this title

The term “Bureau” means the Bureau of Consumer Financial Protection. (3) Business of insurance

“business of insurance” applies throughout this title

The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons. (4) Consumer

“consumer” applies throughout this title

The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual. (5) Consumer financial product or service

“consumer financial product or service” applies throughout this title

The term “consumer financial product or service” means any financial product or service that is described in one or more categories under— (A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A). (6) Covered person

“covered person” applies throughout this title

The term “covered person” means— (A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person. (7) Credit

“credit” applies throughout this title

The term “credit” means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase. (8) Deposit-taking activity

“deposit-taking activity” applies throughout this title

The term “deposit-taking activity” means— (A) the acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the acceptance of deposits or the maintenance of deposit accounts; (B) the acceptance of funds, the provision of other services related to the acceptance of funds, or the maintenance of member share accounts by a credit union; or (C) the receipt of funds or the equivalent thereof, as the Bureau may determine by rule or order, received or held by a covered person (or an agent for a covered person) for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party. (9) Designated transfer date

“designated transfer date” applies throughout this title

The term “designated transfer date” means the date established under section 5582 of this title . (10) Director

“Director” applies throughout this title

The term “Director” means the Director of the Bureau. (11) Electronic conduit services

“electronic conduit services” applies throughout this title

The term “electronic conduit services”— (A) means the provision, by a person, of electronic data transmission, routing, intermediate or transient storage, or connections to a telecommunications system or network; and (B) does not include a person that provides electronic conduit services if, when providing such services, the person— (i) selects or modifies the content of the electronic data; (ii) transmits, routes, stores, or provides connections for electronic data, including financial data, in a manner that such financial data is differentiated from other types of data of the same form that such person transmits, routes, or stores, or with respect to which, provides connections; or (iii) …

“enumerated consumer laws” applies throughout this title

the term “enumerated consumer laws” means— (A) the Alternative Mortgage Transaction Parity Act of 1982 ( 12 U.S.C. 3801 et seq.); (B) the Consumer Leasing Act of 1976 ( 15 U.S.C. 1667 et seq.); (C) the Electronic Fund Transfer Act ( 15 U.S.C. 1693 et seq.), except with respect to section 920 of that Act [ 15 U.S.C. 1693 o –2]; (D) the Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq.); (E) the Fair Credit Billing Act ( 15 U.S.C. 1666 et seq.); (F) the Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.), except with respect to sections 615(e) and 628 of that Act ( 15 U.S.C. 1681m(e) , 1681w); (G) the Home Owners 2 Protection Act of 1998 ( 12 U.S.C.

“fair lending” applies throughout this title

The term “fair lending” means fair, equitable, and nondiscriminatory access to credit for consumers. (14) Federal consumer financial law

“Federal consumer financial law” applies throughout this title

The term “Federal consumer financial law” means the provisions of this title, 1 the enumerated consumer laws, the laws for which authorities are transferred under subtitles F and H, and any rule or order prescribed by the Bureau under this title, 1 an enumerated consumer law, or pursuant to the authorities transferred under subtitles F and H. The term does not include the Federal Trade Commission Act [ 15 U.S.C. 41 et seq.]. (15) Financial product or service (A) In general

“financial product or service” applies throughout this title

The term “financial product or service” means— (i) extending credit and servicing loans, including acquiring, purchasing, selling, brokering, or other extensions of credit (other than solely extending commercial credit to a person who originates consumer credit transactions); (ii) extending or brokering leases of personal or real property that are the functional equivalent of purchase finance arrangements, if— (I) the lease is on a non-operating basis; (II) the initial term of the lease is at least 90 days; and (III) in the case of a lease involving real property, at the inception of the initial lease, the transaction is intended to result in ownership of the leased property to be …

“foreign exchange” applies throughout this title

The term “foreign exchange” means the exchange, for compensation, of currency of the United States or of a foreign government for currency of another government. (17) Insured credit union

“insured credit union” applies throughout this title

The term “insured credit union” has the same meaning as in section 1752 of this title . (18) Payment instrument

“payment instrument” applies throughout this title

The term “payment instrument” means a check, draft, warrant, money order, traveler’s check, electronic instrument, or other instrument, payment of funds, or monetary value (other than currency). (19) Person

“person” applies throughout this title

The term “person” means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity. (20) Person regulated by the Commodity Futures Trading Commission

“person regulated by a State insurance regulator” applies throughout this title

The term “person regulated by a State insurance regulator” means any person that is engaged in the business of insurance and subject to regulation by any State insurance regulator, but only to the extent that such person acts in such capacity. (23) Person that performs income tax preparation activities for consumers

“person regulated by the Commission” applies throughout this title

The term “person regulated by the Commission” means a person who is— (A) a broker or dealer that is required to be registered under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]; (B) an investment adviser that is registered under the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.]; (C) an investment company that is required to be registered under the Investment Company Act of 1940 [ 15 U.S.C.

“person regulated by the Commodity Futures Trading Commission” applies throughout this title

The term “person regulated by the Commodity Futures Trading Commission” means any person that is registered, or required by statute or regulation to be registered, with the Commodity Futures Trading Commission, but only to the extent that the activities of such person are subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act [ 7 U.S.C. 1 et seq.]. (21) Person regulated by the Commission

“person that performs income tax preparation activities for consumers” applies throughout this title

The term “person that performs income tax preparation activities for consumers” means— (A) any tax return preparer (as defined in section 7701(a)(36) of title 26 ), regardless of whether compensated, but only to the extent that the person acts in such capacity; (B) any person regulated by the Secretary under section 330 of title 31 , but only to the extent that the person acts in such capacity; and (C) any authorized IRS e-file Providers (as defined for purposes of section 7216 of title 26 ), but only to the extent that the person acts in such capacity. (24) Prudential regulator

“prudential regulator” applies throughout this title

The term “prudential regulator” means— (A) in the case of an insured depository institution or depository institution holding company (as defined in section 1813 of this title ), or subsidiary of such institution or company, the appropriate Federal banking agency, as that term is defined in section 1813 of this title ; and (B) in the case of an insured credit union, the National Credit Union Administration. (25) Related person

“related person” applies throughout this title

The term “related person”— (A) shall apply only with respect to a covered person that is not a bank holding company (as that term is defined in section 1841 of this title ), credit union, or depository institution; (B) shall be deemed to mean a covered person for all purposes of any provision of Federal consumer financial law; and (C) means— (i) any director, officer, or employee charged with managerial responsibility for, or controlling shareholder of, or agent for, such covered person; (ii) any shareholder, consultant, joint venture partner, or other person, as determined by the Bureau (by rule or on a case-by-case basis) who materially participates in the conduct of the affairs of such …

“service provider” applies throughout this title

The term “service provider” means any person that provides a material service to a covered person in connection with the offering or provision by such covered person of a consumer financial product or service, including a person that— (i) participates in designing, operating, or maintaining the consumer financial product or service; or (ii) processes transactions relating to the consumer financial product or service (other than unknowingly or incidentally transmitting or processing financial data in a manner that such data is undifferentiated from other types of data of the same form as the person transmits or processes).

“State” applies throughout this title

The term “State” means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25 . (28) Stored value (A) In general

“stored value” applies throughout this title

The term “stored value” means funds or monetary value represented in any electronic format, whether or not specially encrypted, and stored or capable of storage on electronic media in such a way as to be retrievable and transferred electronically, and includes a prepaid debit card or product, or any other similar product, regardless of whether the amount of the funds or monetary value may be increased or reloaded.

“transmitting or exchanging funds” applies in that section

The term “transmitting or exchanging funds” means receiving currency, monetary value, or payment instruments from a consumer for the purpose of exchanging or transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or through other businesses that facilitate third-party transfers within the United States or to or from the United States.

“service member” applies in that section

the term “service member” means any member of the United States Armed Forces and any member of the National Guard or Reserves. (f) Timing The Office of Fair Lending and Equal Opportunity, the Office of Financial Education, and the Office of Service Member Affairs shall each be established not later than 1 year after the designated transfer date.

“manufactured home” applies in that section

The term “manufactured home” has the same meaning as in section 5402 of title 42 . (B) Modular home

“modular home” applies in that section

The term “modular home” means a house built in a factory in 2 or more modules that meet the State or local building codes where the house will be located, and where such modules are transported to the building site, installed on foundations, and completed.

“person regulated by the Farm Credit Administration” applies in that section

the term “person regulated by the Farm Credit Administration” means any Farm Credit System institution that is chartered and subject to the provisions of the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.).

“specified plan or arrangement” applies in that section

the term “specified plan or arrangement” means any plan, account, or arrangement described in section 220, 223, 401(a), 403(a), 403(b), 408, 408A, 529, 529A, or 530 of title 26, or any employee benefit or compensation plan or arrangement, including a plan that is subject to title I of the Employee Retirement Income Security Act of 1974 [ 29 U.S.C. 1001 et seq.], or any prepaid tuition program offered by a State.

“motor vehicle” applies in that section

The term “motor vehicle” means— (A) any self-propelled vehicle designed for transporting persons or property on a street, highway, or other road; (B) recreational boats and marine equipment; (C) motorcycles; (D) motor homes, recreational vehicle trailers, and slide-in campers, as those terms are defined in sections 571.3 and 575.103 (d) of title 49, Code of Federal Regulations, or any successor thereto; and (E) other vehicles that are titled and sold through dealers. (2) Motor vehicle dealer

“motor vehicle dealer” applies in that section

The term “motor vehicle dealer” means any person or resident in the United States, or any territory of the United States, who— (A) is licensed by a State, a territory of the United States, or the District of Columbia to engage in the sale of motor vehicles; and (B) takes title to, holds an ownership in, or takes physical custody of motor vehicles.

“eligible entity” applies in that section

the term “eligible entity” means— (A) a securities commission (or any agency or office performing like functions) of a State that the Office determines has adopted rules on the appropriate use of designations in the offer or sale of securities or the provision of investment advice that meet or exceed the minimum requirements of the NASAA Model Rule on the Use of Senior-Specific Certifications and Professional Designations (or any successor thereto); (B) the insurance commission (or any agency or office performing like functions) of any State that the Office determines has— (i) adopted rules on the appropriate use of designations in the sale of insurance products that, to the extent …

“financial product” applies in that section

the term “financial product” means a security, an insurance product (including an insurance product that pays a return, whether fixed or variable), a bank product, and a loan product;

“misleading designation” applies in that section

the term “misleading designation”— (A) means a certification, professional designation, or other purported credential that indicates or implies that a salesperson or adviser has special certification or training in advising or servicing seniors; and (B) does not include a certification, professional designation, license, or other credential that— (i) was issued by or obtained from an academic institution having regional accreditation; (ii) meets the standards for certifications and professional designations outlined by the NASAA Model Rule on the Use of Senior-Specific Certifications and Professional Designations (or any successor thereto) or by the Model Regulations on the Use of …

“misleading or fraudulent marketing” applies in that section

the term “misleading or fraudulent marketing” means the use of a misleading designation by a person that sells to or advises a senior in connection with the sale of a financial product;

“NASAA” applies in that section

the term “NASAA” means the North American Securities Administrators Association;

“Office” applies in that section

the term “Office” means the Office of Financial Literacy of the Bureau;

“senior” applies in that section

the term “senior” means any individual who has attained the age of 62 years or older; and;

“State” applies in that section

the term “State” has the same meaning as in section 78c(a) of title 15 . (b) Grants to States for enhanced protection of seniors from being misled by false designations The Office shall establish a program under which the Office may make grants to States or eligible entities— (1) to hire staff to identify, investigate, and prosecute (through civil, administrative, or criminal enforcement actions) cases involving misleading or fraudulent marketing; (2) to fund technology, equipment, and training for regulators, prosecutors, and law enforcement officers, in order to identify salespersons and advisers who target seniors through the use of misleading designations; (3) to fund technology, …

“consumer protection regulation” applies in that section

the term “consumer protection regulation” means a regulation that the Bureau is authorized to prescribe under the Federal consumer financial laws.

“Bureau investigation” applies throughout its part

The term “Bureau investigation” means any inquiry conducted by a Bureau investigator for the purpose of ascertaining whether any person is or has been engaged in any conduct that is a violation, as defined in this section. (2) Bureau investigator

“Bureau investigator” applies in that section

The term “Bureau investigator” means any attorney or investigator employed by the Bureau who is charged with the duty of enforcing or carrying into effect any Federal consumer financial law. (3) Custodian

“custodian” applies in that section

The term “custodian” means the custodian or any deputy custodian designated by the Bureau. (4) Documentary material

“documentary material” applies in that section

The term “documentary material” includes the original or any copy of any book, document, record, report, memorandum, paper, communication, tabulation, chart, logs, electronic files, or other data or data compilations stored in any medium. (5) Violation

“violation” applies in that section

The term “violation” means any act or omission that, if proved, would constitute a violation of any provision of Federal consumer financial law.

“covered employee” applies in that section

the term “covered employee” means any individual performing tasks related to the offering or provision of a consumer financial product or service. (c) Procedures and timetables (1) Complaint (A) In general A person who believes that he or she has been discharged or otherwise discriminated against by any person in violation of subsection (a) may, not later than 180 days after the date on which such alleged violation occurs, file (or have any person file on his or her behalf) a complaint with the Secretary of Labor alleging such discharge or discrimination and identifying the person responsible for such act.

“consumer financial protection functions” applies throughout its part

the term “consumer financial protection functions” means— (A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and (B) the examination authority described in subsection (c)(1), with respect to a person described in section 5515(a) of this title ; and;

“transferor agencies” applies throughout its part

the terms “transferor agency” and “transferor agencies” mean, respectively— (A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and (B) the agencies listed in subparagraph (A), collectively.

“transferor agency” applies throughout its part

the terms “transferor agency” and “transferor agencies” mean, respectively— (A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and (B) the agencies listed in subparagraph (A), collectively.

“existing retirement plan” applies in that section

the term “existing retirement plan” means, with respect to an employee transferred pursuant to this part, the retirement plan (including the Financial Institutions Retirement Fund) and any associated thrift savings plan, of the agency from which the employee was transferred under this part, in which the employee was enrolled on the day before the date on which the employee was transferred;

“Federal Employee Retirement Program” applies in that section

the term “Federal Employee Retirement Program” means either the Civil Service Retirement System established under chapter 83 of title 5 or the Federal Employees Retirement System established under chapter 84 of title 5, depending upon the service history of the individual;

“Federal Reserve System Retirement Plan” applies in that section

the term “Federal Reserve System Retirement Plan” means the Retirement Plan for Employees of the Federal Reserve System; and;

“Federal Reserve System Thrift Plan” applies in that section

the term “Federal Reserve System Thrift Plan” means the Thrift Plan for Employees of the Federal Reserve System. (2) Benefits other than retirement benefits for transferred employees (A) During 1st year (i) Existing plans continue Each employee transferred pursuant to this part may, for 1 year after the designated transfer date, retain membership in any other employee benefit program of the agency or bank from which the employee transferred, including a medical, dental, vision, long term care, or life insurance program, to which the employee belonged on the day before the designated transfer date.

“Federal Reserve System transferred employee” applies in that section

the term “Federal Reserve System transferred employee” means a transferred employee who is an employee of the Board of Governors or a Federal reserve bank on the day before the designated transfer date, and who is transferred to the Bureau on the designated transfer date pursuant to this part;

“exchange facilitator” applies in that section

the term “exchange facilitator” means a person that— (1) facilitates, for a fee, an exchange of like kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayer’s relinquished property and transfers a replacement property to the taxpayer as a qualified intermediary (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(4)) or enters into an agreement with the taxpayer to take title to a property as an exchange accommodation titleholder (within the meaning of Revenue Procedure 2000–37) or enters into an agreement with a taxpayer to act as a qualified trustee or qualified …

“company” applies in that section

The term “company” means any entity other than a natural person that is incorporated or organized under Federal law or the laws of any State. (2) Depository institution holding company

“depository institution holding company” applies in that section

The term “depository institution holding company” has the same meaning as in section 1813 of this title . (3) Liquidity event

“joint resolution” applies in that section

the term “joint resolution” means only a joint resolution— (A) that is introduced not later than 3 calendar days after the date on which the request referred to in subsection (c) is received by Congress; (B) that does not have a preamble; (C) the title of which is as follows: “Joint resolution relating to the approval of a plan to guarantee obligations under section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act”; and (D) the matter after the resolving clause of which is as follows: “That Congress approves the obligation of any amount described in section 1105(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”.

“liquidity event” applies in that section

The term “liquidity event” means— (A) an exceptional and broad reduction in the general ability of financial market participants— (i) to sell financial assets without an unusual and significant discount; or (ii) to borrow using financial assets as collateral without an unusual and significant increase in margin; or (B) an unusual and significant reduction in the ability of financial market participants to obtain unsecured credit. (4) Solvent

“solvent” applies in that section

The term “solvent” means that the value of the assets of an entity exceed its obligations to creditors. (h) Approval of guarantee program during the COVID–19 crisis (1) In general For purposes of the congressional joint resolution of approval provided for in subsections (c)(1) and (2) and (d), notwithstanding any other provision of this section, the Federal Deposit Insurance Corporation is approved upon enactment of this Act to establish a program provided for in subsection (a), provided that any such program and any such guarantee shall terminate not later than December 31, 2020 .

“account” applies throughout its subchapter

The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate. (2) Community development financial institution

“community development financial institution” applies throughout its subchapter

The term “community development financial institution” has the same meaning as in section 4702(5) of this title . (3) Eligible entity

“eligible entity” applies throughout its subchapter

The term “eligible entity” means— (A) an organization described in section 501(c)(3) of title 26 , and exempt from tax under section 501(a) of such title; (B) a federally insured depository institution; (C) a community development financial institution; (D) a State, local, or tribal government entity; or (E) a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter. (4) Federally insured depository institution