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

“federally insured depository institution” applies throughout its subchapter

The term “federally insured depository institution” means any insured depository institution (as that term is defined in section 1813 of this title ) and any insured credit union (as that term is defined in section 1752 of this title ).

“appropriate Federal regulator” applies in that section

the term “appropriate Federal regulator” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision, the National Credit Union Administration Board, the Securities and Exchange Commission, the Federal Housing Finance Agency; and;

“covered financial institution” applies in that section

the term “covered financial institution” means— (A) a depository institution or depository institution holding company, as such terms are defined in section 1813 of this title ; (B) a broker-dealer registered under section 78 o of title 15; (C) a credit union, as described in section 461(b)(1)(A)(iv) of this title ; (D) an investment advisor, as such term is defined in section 80b–2(a)(11) of title 15 ; (E) the Federal National Mortgage Association; (F) the Federal Home Loan Mortgage Corporation; and (G) any other financial institution that the appropriate Federal regulators, jointly, by rule, determine should be treated as a covered financial institution for purposes of this section.

“appropriate committees of Congress” applies throughout its chapter

The term “appropriate committees of Congress” means— (A) the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives. (2) Appropriate Federal banking agency

“appropriate Federal banking agency” applies throughout its chapter

The term “appropriate Federal banking agency”— (A) has the same meaning as in section 1813(q) of this title ; and (B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [ 12 U.S.C. 1751 et seq.]. (3) Enrolled loan

“community development financial institution” applies throughout its chapter

The term “community development financial institution” has the meaning given that term under section 4702 of this title . (17) Minority depository institution

“enrolled loan” applies throughout its chapter

The term “enrolled loan” means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter. (4) Federal contribution

“Federal contribution” applies throughout its chapter

The term “Federal contribution” means the portion of the contribution made by a participating State to, or for the account of, an approved State program that is made with Federal funds allocated to the State by the Secretary under section 5702 of this title . (5) Financial institution

“financial institution” applies throughout its chapter

The term “financial institution” means any insured depository institution, insured credit union, or community development financial institution, as those terms are each defined in section 4702 of this title . (6) Participating State

“minority depository institution” applies throughout its chapter

The term “minority depository institution” has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. (18) Socially and economically disadvantaged individual

“participating State” applies throughout its chapter

The term “participating State” means any State that has been approved for participation in the Program under section 5703 of this title . (7) Program

“Program” applies throughout its chapter

The term “Program” means the State Small Business Credit Initiative established under this chapter. (8) Qualifying loan or swap funding facility

“qualifying loan or swap funding facility” applies throughout its chapter

The term “qualifying loan or swap funding facility” means a contractual arrangement between a participating State and a private financial entity under which— (A) the participating State delivers funds to the entity as collateral; (B) the entity provides funding from the arrangement back to the participating State; and (C) the full amount of resulting funding from the arrangement, less any fees and other costs of the arrangement, is contributed to, or for the account of, an approved State program. (9) Reserve fund

“reserve fund” applies throughout its chapter

The term “reserve fund” means a fund, established by a participating State, dedicated to a particular financial institution lender, for the purposes of— (A) depositing all required premium charges paid by the financial institution lender and by each borrower receiving a loan under an approved State program from that financial institution lender; (B) depositing contributions made by the participating State, including State contributions made with Federal contributions; and (C) covering losses on enrolled loans by disbursing accumulated funds. (10) State

“Secretary” applies throughout its chapter

The term “Secretary” means the Secretary of the Treasury. (15) Business enterprise owned and controlled by socially and economically disadvantaged individuals

“socially and economically disadvantaged individual” applies throughout its chapter

The term “socially and economically disadvantaged individual” means an individual who is a socially disadvantaged individual or an economically disadvantaged individual, as such terms are defined, respectively, under section 637 of title 15 and the regulations thereunder. (19) Tribal government

“State” applies throughout its chapter

The term “State” means— (A) a State of the United States; (B) the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of Northern Mariana Islands, Guam, American Samoa, and the United States Virgin Islands; (C) when designated by a State of the United States, a political subdivision of that State that the Secretary determines has the capacity to participate in the Program; (D) under the circumstances described in section 5703(d) of this title , a municipality of a State of the United States to which the Secretary has given a special permission under section 5703(d) of this title ; and (E) a Tribal government, or a group of Tribal governments that jointly apply for an …

“State capital access program” applies throughout its chapter

The term “State capital access program” means a program of a State that— (A) uses public resources to promote private access to credit; and (B) meets the eligibility criteria in section 5704(c) of this title . (12) State other credit support program

“State other credit support program” applies throughout its chapter

The term “State other credit support program”— (A) means a program of a State that— (i) uses public resources to promote private access to credit; (ii) is not a State capital access program; and (iii) meets the eligibility criteria in section 5705(c) of this title ; and (B) includes, collateral support programs, loan participation programs, State-run venture capital fund programs, and credit guarantee programs. (13) State program

“State program” applies throughout its chapter

The term “State program” means a State capital access program or a State other credit support program. (14) Secretary

“Tribal government” applies throughout its chapter

The term “Tribal government” means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of March 11, 2021 , pursuant to section 5131 of title 25 .

“2020 State employment decline” applies in that section

the term “2020 State employment decline” means the excess (if any) of— (i) the number of individuals employed in such State determined for December 2019; over (ii) the number of individuals employed in such State determined for December 2020. (C) 1 Separate allocation for Tribal governments (i) In general With respect to States that are Tribal governments, the Secretary shall determine the 2021 allocation by allocating $500,000,000 among the Tribal governments in the proportion the Secretary determines appropriate, including with consideration to available employment and economic data regarding each such Tribal government.

“allocated amount” applies in that section

the term “allocated amount” means the total amount of Federal funds allocated by the Secretary under subsection (b) to the participating State; and;

“participating State” applies in that section

the term “participating State” shall include a municipality given special permission to participate in the Program, under section 5703(d) of this title . (D) Exception The Secretary may, in the Secretary’s discretion, transfer the full amount of the participating State’s allocated amount to the State in a single transfer if the participating State applies to the Secretary for approval to use the full amount of the allocation as collateral for a qualifying loan or swap funding facility. (2) Transferred amounts Each amount transferred to a participating State under this section shall remain available to the State until used by the State as permitted under paragraph (3).

“very small business” applies in that section

the term “very small business”— (A) means a business with fewer than 10 employees; and (B) may include independent contractors and sole proprietors.

“benchmark” applies throughout its chapter

The term “benchmark” means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of or as a reference for calculating or determining any valuation, payment, or other measurement. (2) Benchmark administrator

“benchmark administrator” applies throughout its chapter

The term “benchmark administrator” means a person that publishes a benchmark for use by third parties. (3) Benchmark replacement

“benchmark replacement” applies throughout its chapter

The term “benchmark replacement” means a benchmark, or an interest rate or dividend rate (which may or may not be based in whole or in part on a prior setting of LIBOR), to replace LIBOR or any interest rate or dividend rate based on LIBOR, whether on a temporary, permanent, or indefinite basis, under or with respect to a LIBOR contract. (4) Benchmark replacement conforming changes

“benchmark replacement conforming changes” applies throughout its chapter

The term “benchmark replacement conforming changes” means any technical, administrative, or operational changes, alterations, or modifications that— (A) the Board determines, in its discretion, would address 1 or more issues affecting the implementation, administration, and calculation of the Board-selected benchmark replacement in LIBOR contracts; or (B) solely with respect to a LIBOR contract that is not a consumer loan, in the reasonable judgment of a calculating person, are otherwise necessary or appropriate to permit the implementation, administration, and calculation of the Board-selected benchmark replacement under or with respect to a LIBOR contract after giving due consideration to …

“Board” applies throughout its chapter

The term “Board” means the Board of Governors of the Federal Reserve System. (6) Board-selected benchmark replacement

“Board-selected benchmark replacement” applies throughout its chapter

The term “Board-selected benchmark replacement” means a benchmark replacement identified by the Board that is based on SOFR, including any tenor spread adjustment pursuant to section 5803(e) of this title . (7) Calculating person

“calculating person” applies throughout its chapter

The term “calculating person” means, with respect to any LIBOR contract, any person, including the determining person, responsible for calculating or determining any valuation, payment, or other measurement based on a benchmark. (8) Consumer; credit

“consumer” applies throughout its chapter

The terms “consumer” and “credit” have the meanings given the terms in section 1602 of title 15 . (9) Consumer loan

“consumer loan” applies throughout its chapter

The term “consumer loan” means a consumer credit transaction. (10) Determining person

“credit” applies throughout its chapter

The terms “consumer” and “credit” have the meanings given the terms in section 1602 of title 15 . (9) Consumer loan

“determining person” applies throughout its chapter

The term “determining person” means, with respect to any LIBOR contract, any person with the authority, right, or obligation, including on a temporary basis (as identified by the LIBOR contract or by the governing law of the LIBOR contract, as appropriate) to determine a benchmark replacement. (11) Fallback provisions

“fallback provisions” applies throughout its chapter

The term “fallback provisions” means terms in a LIBOR contract for determining a benchmark replacement, including any terms relating to the date on which the benchmark replacement becomes effective. (12) IBOR

“IBOR” applies throughout its chapter

The term “IBOR” means LIBOR, any tenor of non-U.S. dollar currency rates formerly known as the London interbank offered rate as administered by ICE Benchmark Administration Limited (or any predecessor or successor administrator thereof), and any other interbank offered rates that are expected to cease. (13) IBOR benchmark replacement

“IBOR benchmark replacement” applies throughout its chapter

The term “IBOR benchmark replacement” means a benchmark, or an interest rate or dividend rate (which may or may not be based in whole or in part on a prior setting of an IBOR), to replace an IBOR or any interest rate or dividend rate based on an IBOR, whether on a temporary, permanent, or indefinite basis, under or with respect to an IBOR contract. (14) IBOR contract

“IBOR contract” applies throughout its chapter

The term “IBOR contract” means any contract, agreement, indenture, organizational document, guarantee, mortgage, deed of trust, lease, security (whether representing debt or equity, including any interest in a corporation, a partnership, or a limited liability company), instrument, or other obligation or asset that, by its terms, continues in any way to use an IBOR as a benchmark. (15) LIBOR

“LIBOR” applies throughout its chapter

The term “LIBOR”— (A) means the overnight and 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR (formerly known as the London interbank offered rate) as administered by ICE Benchmark Administration Limited (or any predecessor or successor administrator thereof); and (B) does not include the 1-week or 2-month tenors of U.S. dollar LIBOR. (16) LIBOR contract

“LIBOR contract” applies throughout its chapter

The term “LIBOR contract” means any contract, agreement, indenture, organizational document, guarantee, mortgage, deed of trust, lease, security (whether representing debt or equity, including any interest in a corporation, a partnership, or a limited liability company), instrument, or other obligation or asset that, by its terms, uses LIBOR as a benchmark. (17) LIBOR replacement date

“LIBOR replacement date” applies throughout its chapter

The term “LIBOR replacement date” means the first London banking day after June 30, 2023 , unless the Board determines that any LIBOR tenor will cease to be published or cease to be representative on a different date. (18) Security

“security” applies throughout its chapter

The term “security” has the meaning given the term in section 77b(a) of title 15 . (19) SOFR

“SOFR” applies throughout its chapter

The term “SOFR” means the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (or a successor administrator). (20) Tenor spread adjustment

“tenor spread adjustment” applies throughout its chapter

The term “tenor spread adjustment” means— (A) 0.00644 percent for overnight LIBOR; (B) 0.11448 percent for 1-month LIBOR; (C) 0.26161 percent for 3-month LIBOR; (D) 0.42826 percent for 6-month LIBOR; and (E) 0.71513 percent for 12-month LIBOR.

“bank” applies in that section

The term “bank” means an institution subject to examination by a Federal financial institutions regulatory agency. (2) Covered action

“covered action” applies in that section

The term “covered action” means— (A) the initiation by a Federal supervisory agency of an enforcement action, including the issuance of a cease-and-desist order; or (B) the issuance by a Federal supervisory agency of a matter requiring attention, a matter requiring immediate attention; or a matter requiring board attention resulting from a supervisory activity conducted by the Federal supervisory agency. (3) Federal financial institutions regulatory agency

“Federal financial institutions regulatory agencies” applies in that section

The term “Federal financial institutions regulatory agencies” has the meaning given the term in section 3302 of this title . (4) Federal supervisory agency

“Federal supervisory agency” applies in that section

The term “Federal supervisory agency” means an agency listed in subparagraphs (A) through (H) of section 3401(7) of this title . (5) Non-IBOR loan

“non-IBOR loan” applies in that section

The term “non-IBOR loan” means any loan that, by its terms, does not use in any way LIBOR, any tenor of non-U.S. dollar currency rates formerly known as the London interbank offered rate as administered by ICE Benchmark Administration Limited (or any predecessor or successor administrator thereof), and any other interbank offered rates that are expected to cease, as a benchmark.

“appropriate Federal banking agency” applies throughout its chapter

The term “appropriate Federal banking agency” has the meaning given that term in section 1813 of this title . (2) Bank Secrecy Act

“Bank Secrecy Act” applies throughout its chapter

The term “Bank Secrecy Act” means— (A) section 1829b of this title ; (B) chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq.); and (C) subchapter II of chapter 53 of title 31. (3) Board

“Board” applies throughout its chapter

The term “Board” means the Board of Governors of the Federal Reserve System. (4) Comptroller

“Comptroller” applies throughout its chapter

The term “Comptroller” means the Office of the Comptroller of the Currency. (5) Corporation

“Corporation” applies throughout its chapter

The term “Corporation” means the Federal Deposit Insurance Corporation. (6) Digital asset

“digital asset” applies throughout its chapter

The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger. (7) Digital asset service provider

“digital asset service provider” applies throughout its chapter

The term “digital asset service provider”— (A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of— (i) exchanging digital assets for monetary value; (ii) exchanging digital assets for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital asset custodian; or (v) participating in financial services relating to digital asset issuance; and (B) does not include— (i) a distributed ledger protocol; (ii) developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces; (iii) an …

“distributed ledger” applies throughout its chapter

The term “distributed ledger” means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions. (9) Distributed ledger protocol

“distributed ledger protocol” applies throughout its chapter

The term “distributed ledger protocol” means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts. (10) Federal branch

“Federal branch” applies throughout its chapter

The term “Federal branch” has the meaning given that term in section 1813 of this title . (11) Federal qualified payment stablecoin issuer

“Federal qualified payment stablecoin issuer” applies throughout its chapter

The term “Federal qualified payment stablecoin issuer” means— (A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to section 5904 of this title , to issue payment stablecoins; (B) an uninsured national bank— (i) that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes; and (ii) that is approved by the Comptroller, pursuant to section 5904 of this title , to issue payment stablecoins; and (C) a Federal branch that is approved by the Comptroller, pursuant to section 5904 of this title , to issue payment stablecoins. (12) Foreign payment stablecoin issuer

“foreign payment stablecoin issuer” applies throughout its chapter

The term “foreign payment stablecoin issuer” means an issuer of a payment stablecoin that is— (A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and (B) not a permitted payment stablecoin issuer. (13) Institution-affiliated party With respect to a permitted payment stablecoin issuer,

“institution-affiliated party” applies throughout its chapter

the term “institution-affiliated party” means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer. (14) Insured credit union

“insured credit union” applies throughout its chapter

The term “insured credit union” has the meaning given that term in section 1752 of this title . (15) Insured depository institution

“insured depository institution” applies throughout its chapter

The term “insured depository institution” means— (A) an insured depository institution, as defined in section 1813 of this title ; and (B) an insured credit union. (16) Lawful order

“lawful order” applies throughout its chapter

The term “lawful order” means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal law, issued by a court of competent jurisdiction or by an authorized Federal agency pursuant to its statutory authority, that— (A) requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person; (B) specifies the payment stablecoins or accounts subject to blocking with reasonable particularity; and (C) is subject to judicial or administrative review or appeal as provided by law. (17) Monetary value

“monetary value” applies throughout its chapter

The term “monetary value” means a national currency or deposit (as defined in section 1813 of this title ) denominated in a national currency. (18) Money

“money” applies throughout its chapter

The term “money”— (A) means a medium of exchange currently authorized or adopted by a domestic or foreign government; and (B) includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries. (19) National currency

“national currency” applies throughout its chapter

The term “national currency” means each of the following: (A) A Federal Reserve note (as the term is used in section 411 of this title ). (B) Money standing to the credit of an account with a Federal Reserve Bank. (C) Money issued by a foreign central bank. (D) Money issued by an intergovernmental organization pursuant to an agreement by 2 or more governments. (20) Nonbank entity

“nonbank entity” applies throughout its chapter

The term “nonbank entity” means a person that is not a depository institution or subsidiary of a depository institution. (21) Offer

“offer” applies throughout its chapter

The term “offer” means to make available for purchase, sale, or exchange. (22) Payment stablecoin

“payment stablecoin” applies throughout its chapter

The term “payment stablecoin”— (A) means a digital asset— (i) that is, or is designed to be, used as a means of payment or settlement; and (ii) the issuer of which— (I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and (II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and (B) does not include a digital asset that— (i) is a national currency; (ii) is a deposit (as defined in section 1813 of this title ), including a deposit recorded using …

“permitted payment stablecoin issuer” applies throughout its chapter

The term “permitted payment stablecoin issuer” means a person formed in the United States that is— (A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under section 5904 of this title ; (B) a Federal qualified payment stablecoin issuer; or (C) a State qualified payment stablecoin issuer. (24) Person

“person” applies throughout its chapter

The term “person” means an individual, partnership, company, corporation, association, trust, estate, cooperative organization, or other business entity, incorporated or unincorporated. (25) Primary Federal payment stablecoin regulator

“primary Federal payment stablecoin regulator” applies throughout its chapter

The term “primary Federal payment stablecoin regulator” means— (A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution; (B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration; (C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board; and (D) with respect to a Federal qualified payment stablecoin issuer, the Comptroller. (26) Registered public accounting firm

“registered public accounting firm” applies throughout its chapter

The term “registered public accounting firm” has the meaning given that term under section 7201 of title 15 . (27) Stablecoin Certification Review Committee

“Stablecoin Certification Review Committee” applies throughout its chapter

The term “Stablecoin Certification Review Committee” means the committee of that name and having the functions as provided in this chapter— (A) of which— (i) the Secretary of the Treasury shall serve as Chair; and (ii) the Chair of the Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of the Corporation shall serve as members; and (B) which, unless otherwise specified in this chapter, shall act by ⅔ vote of its members at any meeting called by the Chair or by unanimous written consent. (28) State

“State” applies throughout its chapter

The term “State” means each of the several States of the United States, the District of Columbia, and each territory of the United States. (29) State chartered depository institution

“State chartered depository institution” applies throughout its chapter

The term “State chartered depository institution” has the meaning given the term “State depository institution” in section 1813(c) of this title . (30) State payment stablecoin regulator

“State payment stablecoin regulator” applies throughout its chapter

The term “State payment stablecoin regulator” means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins. (31) State qualified payment stablecoin issuer

“State qualified payment stablecoin issuer” applies throughout its chapter

The term “State qualified payment stablecoin issuer” means an entity that— (A) is legally established under the laws of a State and approved to issue payment stablecoins by a State payment stablecoin regulator; and (B) is not an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Statutes, a Federal branch, an insured depository institution, or a subsidiary of such national bank, Federal branch, or insured depository institution. (32) Subsidiary

“subsidiary” applies throughout its chapter

The term “subsidiary” has the meaning given that term in section 1813 of this title . (33) Subsidiary of an insured credit union With respect to an insured credit union,

“subsidiary of an insured credit union” applies throughout its chapter

the term “subsidiary of an insured credit union” means— (A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described in section 1757(7)(I) of this title ; (B) a credit union service organization, as such term is used under part 712 of title 12, Code of Federal Regulations, with respect to which the insured credit union has an ownership interest or to which the insured credit union has extended a loan; and (C) a subsidiary of a State chartered insured credit union authorized under State law.

“depository institution holding company” applies in that section

the term “depository institution holding company” has the meaning given that term under section 5371(a)(3) of this title . (ii) Applicability of Financial Stability Act With respect to the promulgation of rules under subparagraph (A) and clauses (iii) and (iv) of this subparagraph, section 5371 of this title shall not apply.

“financial activities” applies in that section

The term “financial activities”— (I) has the meaning given that term in section 1843(k) of this title ; and (II) for the avoidance of doubt, includes those activities described in subparagraphs (A) and (B) of section 5901(7) of this title and section 5903(a)(7)(A) of this title . (ii) Public company

“public company” applies in that section

The term “public company” means an issuer that is required to file reports under section 78m(a) or 78 o (d) of title 15. (B) Prohibition (i) In general A public company that is not predominantly engaged in 1 or more financial activities, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review Committee finding that— (I) it will not pose a material risk to the safety and soundness of the United States banking system, the financial stability of the United States, or the Deposit Insurance Fund; (II) the public company will comply with data use limitations providing …

“home State” applies in that section

The term “home State” means the State by which the depository institution is chartered. (2) Host State

“host State” applies in that section

The term “host State” means a State in which a depository institution establishes a branch, solicits customers, or otherwise engages in business activities, other than the home State.