r/title-12-BANKS-AND-BANKING wiki — defined terms
The statute’s own glossary: every term Title 12 defines, in section order.
“savings association” applies throughout its chapter
The term “savings association” or “insured institution” means— (1) any Federal savings association or Federal savings bank; (2) any building and loan association, savings and loan association, homestead association, or cooperative bank if such association or cooperative bank is a member of the Deposit Insurance Fund; and (3) any savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under section 1467a( l ) of this title. (k) Affiliate .— For purposes of this chapter,
“savings bank holding company” applies throughout its chapter
the term “savings bank holding company” means any company which controls one or more qualified savings banks if the aggregate total assets of such savings banks constitute, upon formation of the holding company and at all times thereafter, at least 70 percent of the total assets of such company. (m) (n) Incorporated Definitions .— For purposes of this chapter,
“section 2(h)(2) company” applies in that section
the term “section 2(h)(2) company” means any company whose shares are held pursuant to this paragraph. (3) Nothing in paragraph (2) authorizes a section 2(h)(2) company to engage in (or acquire or hold more than 5 percent of the outstanding shares of any class of voting securities of a company engaged in) any banking, securities, insurance, or other financial activities, as defined by the Board, in the United States. This paragraph does not prohibit a section 2(h)(2) company from holding shares that were lawfully acquired before August 10, 1987 .
“State bank supervisor” applies throughout its chapter
the terms “depository institution”, “insured depository institution”, “appropriate Federal banking agency”, “default”, “in danger of default”, and “State bank supervisor” have the same meanings as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]. (o) Other Definitions .— For purposes of this chapter, the following definitions shall apply: (1) Capital terms.— (A) Insured depository institutions .— With respect to insured depository institutions,
“successor” applies throughout its chapter
The term “successor” shall include any company which acquires directly or indirectly from a bank holding company shares of any bank, when and if the relationship between such company and the bank holding company is such that the transaction effects no substantial change in the control of the bank or beneficial ownership of such shares of such bank. The Board may, by regulation, further define the term “successor” to the extent necessary to prevent evasion of the purposes of this chapter. (f) “Board” means the Board of Governors of the Federal Reserve System.
“thrift institution” applies throughout its chapter
the term “thrift institution” means— (1) any domestic building and loan or savings and loan association; (2) any cooperative bank without capital stock organized and operated for mutual purposes and without profit; (3) any Federal savings bank; and (4) any State-chartered savings bank the holding company of which is registered pursuant to section 1730a 1 of this title. (j) Definition of Savings Associations and Related Term .—
“Tier 1” applies throughout its chapter
The terms “Tier 1” and “risk-weighted assets” have the meanings given those terms in the capital guidelines or regulations established by the Board for bank holding companies. (2) Antitrust laws .— Except as provided in section 1849 of this title ,
“undercapitalized” applies throughout its chapter
the terms “well capitalized”, “adequately capitalized”, and “undercapitalized” have the same meanings as in section 38 of the Federal Deposit Insurance Act [ 12 U.S.C. 1831 o ]. (B) Bank holding company.— (i) Adequately capitalized .— With respect to a bank holding company,
“well capitalized” applies throughout its chapter
the terms “well capitalized”, “adequately capitalized”, and “undercapitalized” have the same meanings as in section 38 of the Federal Deposit Insurance Act [ 12 U.S.C. 1831 o ]. (B) Bank holding company.— (i) Adequately capitalized .— With respect to a bank holding company,
“well managed” applies in that section
The term “well managed” means— (A) in the case of any company or depository institution which receives examinations, the achievement of— (i) a CAMEL composite rating of 1 or 2 (or an equivalent rating under an equivalent rating system) in connection with the most recent examination or subsequent review of such company or institution; and (ii) at least a satisfactory rating for management, if such rating is given; or (B) in the case of a company or depository institution that has not received an examination rating, the existence and use of managerial resources which the Board determines are satisfactory. (10) Qualified family partnership .—
“deposit” applies in that section
the term “deposit” has the same meaning as in section 1813( l ) of this title. (3) Community reinvestment compliance In determining whether to approve an application under paragraph (1)(A), the Board shall— (A) comply with the responsibilities of the Board regarding such application under section 2903 of this title ; and (B) take into account the applicant’s record of compliance with applicable State community reinvestment laws. (4) Applicability of antitrust laws No provision of this subsection shall be construed as affecting— (A) the applicability of the antitrust laws; or (B) the applicability, if any, of any State law which is similar to the antitrust laws.
“bank holding company” applies in that section
the term “bank holding company” shall include a bank which (I) is organized solely to do business with other banks and their officers, directors, or employees; (II) is owned primarily by the banks with which it does business; and (III) does not do business with the general public. No such other bank, owning stock in a bank described in this clause that invests in an export trading company, shall extend credit to an export trading company in an amount exceeding at any one time 10 per centum of such other bank’s capital and surplus; and (iv) the term “extension of credit” shall have the same meaning given such term in the fourth paragraph of section 371c 1 of this title.
“export trade services” applies in that section
the term “export trade services” includes, but is not limited to, consulting, international market research, advertising, marketing, insurance (other than acting as principal, agent or broker in the sale of insurance on risks resident or located, or activities performed, in the United States, except for insurance covering the transportation of cargo from any point of origin in the United States to a point of final destination outside the United States), product research and design, legal assistance, transportation, including trade documentation and freight forwarding, communication and processing of foreign orders to and for exporters and foreign purchasers, warehousing, foreign exchange, …
“export trading company” applies in that section
the term “export trading company” means a company which does business under the laws of the United States or any State, which is exclusively engaged in activities related to international trade, and which is organized and operated principally for purposes of exporting goods or services produced in the United States or for purposes of facilitating the exportation of goods or services produced in the United States by unaffiliated persons by providing one or more export trade services. 3;
“qualified savings association” applies in that section
the term “qualified savings association” means any savings association that— (i) was chartered or organized as a savings association before June 1, 1991 ; (ii) had, immediately before the acquisition of such association by the bank holding company referred to in subparagraph (A), negative tangible capital and total insured deposits in excess of $3,000,000,000; and (iii) will meet all applicable regulatory capital requirements as a result of such acquisition.
“functionally regulated subsidiary” applies in that section
the term “functionally regulated subsidiary” means any company— (A) that is not a bank holding company or a depository institution; and (B) that is— (i) a broker or dealer that is registered under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]; (ii) a registered investment adviser, properly registered by or on behalf of either the Securities and Exchange Commission or any State, with respect to the investment advisory activities of such investment adviser and activities incidental to such investment advisory activities; (iii) an investment company that is registered under the Investment Company Act of 1940 [ 15 U.S.C.
“violate” applies in that section
the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (6) Regulations The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this subsection.
“antitrust laws” applies in that section
the term “antitrust laws” means the Act of July 2, 1890 (the Sherman Antitrust Act), the Act of October 15, 1914 (the Clayton Act), and any other Acts in pari materia.
“affiliate” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“associated person of a securities holding company” applies in that section
the term “associated person of a securities holding company” means a person directly or indirectly controlling, controlled by, or under common control with, a securities holding company;
“bank” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“bank holding company” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“company” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“control” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“foreign bank” applies in that section
the term “foreign bank” has the same meaning as in section 3101(7) of this title ;
“insured bank” applies in that section
the term “insured bank” has the same meaning as in section 1813 of this title ;
“savings association” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“securities holding company” applies in that section
the term “securities holding company”— (A) means— (i) a person (other than a natural person) that owns or controls 1 or more brokers or dealers registered with the Commission; and (ii) the associated persons of a person described in clause (i); and (B) does not include a person that is— (i) a nonbank financial company supervised by the Board under title I; 1 (ii) an insured bank (other than an institution described in subparagraphs 2 (D), (F), or (H) of section 2(c)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C.
“subsidiary” applies in that section
the terms “affiliate”, “bank”, “bank holding company”, “company”, “control”, “savings association”, and “subsidiary” have the same meanings as in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (b) Supervision of a securities holding company not having a bank or savings association affiliate (1) In general A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company.
“supervised securities holding company” applies in that section
the term “supervised securities holding company” means a securities holding company that is supervised by the Board of Governors under this section; and;
“banking entity” applies in that section
The term “banking entity” means any insured depository institution (as defined in section 1813 of this title ), any company that controls an insured depository institution, or that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978, and any affiliate or subsidiary of any such entity.
“hedge fund” applies in that section
The terms “hedge fund” and “private equity fund” mean an issuer that would be an investment company, as defined in the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.), but for section 3(c)(1) or 3(c)(7) of that Act [ 15 U.S.C. 80a–3(c)(1) , (7)], or such similar funds as the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission may, by rule, as provided in subsection (b)(2), determine. (3) Nonbank financial company supervised by the Board
“illiquid fund” applies in that section
The term “illiquid fund” means a hedge fund or private equity fund that— (i) as of May 1, 2010 , was principally invested in, or was invested and contractually committed to principally invest in, illiquid assets, such as portfolio companies, real estate investments, and venture capital investments; and (ii) makes all investments pursuant to, and consistent with, an investment strategy to principally invest in illiquid assets.
“nonbank financial company supervised by the Board” applies in that section
The term “nonbank financial company supervised by the Board” means a nonbank financial company supervised by the Board of Governors, as defined in section 5311 of this title . (4) Proprietary trading The term “proprietary trading”, when used with respect to a banking entity or nonbank financial company supervised by the Board, means engaging as a principal for the trading account of the banking entity or nonbank financial company supervised by the Board in any transaction to purchase or sell, or otherwise acquire or dispose of, any security, any derivative, any contract of sale of a commodity for future delivery, any option on any such security, derivative, or contract, or any other …
“private equity fund” applies in that section
The terms “hedge fund” and “private equity fund” mean an issuer that would be an investment company, as defined in the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.), but for section 3(c)(1) or 3(c)(7) of that Act [ 15 U.S.C. 80a–3(c)(1) , (7)], or such similar funds as the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission may, by rule, as provided in subsection (b)(2), determine. (3) Nonbank financial company supervised by the Board
“trading account” applies in that section
The term “trading account” means any account used for acquiring or taking positions in the securities and instruments described in paragraph (4) principally for the purpose of selling in the near term (or otherwise with the intent to resell in order to profit from short-term price movements), and any such other accounts as the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission may, by rule as provided in subsection (b)(2), determine. (7) Illiquid fund (A) In general
“Council” applies in that section
the term “Council” means the Financial Stability Oversight Council;
“financial company” applies in that section
the term “financial company” means— (A) an insured depository institution; (B) a bank holding company; (C) a savings and loan holding company; (D) a company that controls an insured depository institution; (E) a nonbank financial company supervised by the Board under title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act [ 12 U.S.C. 5311 et seq.]; and (F) a foreign bank or company that is treated as a bank holding company for purposes of this chapter; and;
“liabilities” applies throughout its chapter
the term “liabilities” means— (A) with respect to a United States financial company— (i) the total risk-weighted assets of the financial company, as determined under the risk-based capital rules applicable to bank holding companies, as adjusted to reflect exposures that are deducted from regulatory capital; less (ii) the total regulatory capital of the financial company under the risk-based capital rules applicable to bank holding companies; (B) with respect to a foreign-based financial company— (i) the total risk-weighted assets of the United States operations of the financial company, as determined under the applicable risk-based capital rules, as adjusted to reflect exposures that are …
“bank service company” applies throughout its chapter
the term “bank service company” means— (A) any corporation— (i) which is organized to perform services authorized by this chapter; and (ii) all of the capital stock of which is owned by 1 or more insured depository institutions; and (B) any limited liability company— (i) which is organized to perform services authorized by this chapter; and (ii) all of the members of which are 1 or more insured depository institutions.;
“Board” applies throughout its chapter
the term “Board” means the Board of Governors of the Federal Reserve System;
“depository institution” applies throughout its chapter
the term “depository institution” means, except when such term appears in connection with the term “insured depository institution”, an insured bank, a savings association, a financial institution subject to examination by the appropriate Federal banking agency or the National Credit Union Administration Board, or a financial institution the accounts or deposits of which are insured or guaranteed under State law and are eligible to be insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Board; (5) Insured depository institution .—
“Federal depository institution” applies throughout its chapter
the terms “State depository institution”, “Federal depository institution”, “State savings association” and “Federal savings association” have the same meanings as in section 1813 of this title .
“Federal savings association” applies throughout its chapter
the terms “State depository institution”, “Federal depository institution”, “State savings association” and “Federal savings association” have the same meanings as in section 1813 of this title .
“invest” applies throughout its chapter
the term “invest” includes any advance of funds to a bank service company, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment;
“limited liability company” applies throughout its chapter
the term “limited liability company” means any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 1813 of this title ) which provides that a member or manager of such company is not personally liable for a debt, obligation, or liability of the company solely by reason of being, or acting as, a member or manager of such company;
“principal investor” applies throughout its chapter
the term “principal investor” means the insured depository institution that has the largest dollar amount invested in the equity of a bank service company. In any case where two or more insured depository institutions have equal dollar amounts invested in a bank service company, the company shall, prior to commencing operations, select one of the insured depository institutions as its principal investor and shall notify the depository institution’s appropriate Federal banking agency of that choice within 5 business days of its selection; and;
“savings association” applies throughout its chapter
The terms “depository institution” and “savings association” have the same meanings as in section 1813 of this title ;
“State depository institution” applies throughout its chapter
the terms “State depository institution”, “Federal depository institution”, “State savings association” and “Federal savings association” have the same meanings as in section 1813 of this title .
“State savings association” applies throughout its chapter
the terms “State depository institution”, “Federal depository institution”, “State savings association” and “Federal savings association” have the same meanings as in section 1813 of this title .
“Federal supervisory agency” applies throughout its chapter
the term “Federal supervisory agency” means the appropriate Federal banking agency, as defined in section 1813(q) of this title .
“financial institution” applies in that section
the term “financial institution” means an entity to which section 1953(b) of this title applies. (b) Safe harbor With respect to a customer account or customer transaction of a financial institution, if a Federal law enforcement agency, after notifying FinCEN of the intent to submit a written request to the financial institution that the financial institution keep that account or transaction open (referred to in this section as a “keep open request”), or if a State, Tribal, or local law enforcement agency with the concurrence of FinCEN submits a keep open request— (1) the financial institution shall not be liable under this chapter for maintaining that account or transaction consistent with …
“bank” applies throughout its chapter
the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title . For purposes of this chapter only, the term “company”, as used in section 1841 of this title , means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State.
“bank holding company” applies throughout its chapter
the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title . For purposes of this chapter only, the term “company”, as used in section 1841 of this title , means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State.
“Board” applies throughout its chapter
the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title . For purposes of this chapter only, the term “company”, as used in section 1841 of this title , means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State.
“subsidiary” applies throughout its chapter
the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title . For purposes of this chapter only, the term “company”, as used in section 1841 of this title , means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State.
“trust service” applies throughout its chapter
The term “trust service” means any service customarily performed by a bank trust department. For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to section 24a(a) of this title shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.
“bank” applies in that section
the term “bank” includes a mutual savings bank, a savings bank, and a savings association (as those terms are defined in section 1813 of this title );
“company” applies in that section
the terms “control of a company” and “company” have the same meaning as under section 375b of this title . (H) Notice Under This Section After Separation From Service .— The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title ) with respect to such a bank (including a separation caused by the closing of such a bank) shall not affect the jurisdiction and authority of the appropriate Federal banking agency to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be …
“control of a company” applies in that section
the terms “control of a company” and “company” have the same meaning as under section 375b of this title . (H) Notice Under This Section After Separation From Service .— The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title ) with respect to such a bank (including a separation caused by the closing of such a bank) shall not affect the jurisdiction and authority of the appropriate Federal banking agency to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be …
“related interests of such persons” applies in that section
the term “related interests of such persons” includes any company controlled by such executive officer, director, or person, or any political or campaign committee the funds or services of which will benefit such executive officer, director, or person or which is controlled by such executive officer, director, or person; and;
“violate” applies in that section
the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (ix) Regulations .— The Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation shall prescribe regulations establishing such procedures as may be necessary to carry out this subparagraph. (G) For the purpose of this paragraph—;
“similar entity” applies throughout its chapter
the term “similar entity” means an entity that, while not eligible for a loan under section 2129 of this title , is functionally similar to an entity eligible for a loan under section 2129 of this title in that it derives a majority of its income from, or has a majority of its assets invested in, the conduct of activities functionally similar to those conducted by the entity.
“agricultural supply” applies in that section
the term “agricultural supply” includes— (A) a farm supply; and (B) (i) agriculture-related processing equipment; (ii) agriculture-related machinery; and (iii) other capital goods related to the storage or handling of agricultural commodities or products. (c) Applicable policies Loans, commitments, and assistance authorized by subsection (b) of this section shall be extended in accordance with policies adopted by the board of directors of the bank under regulations of the Farm Credit Administration.
“rural area” applies in that section
the term “rural area” means all territory of a State that is not within the outer boundary of any city or town having a population of more than 20,000 based on the latest decennial census of the United States.
“permanent capital” applies in that section
The term “permanent capital” means— (A) current year retained earnings; (B) allocated and unallocated earnings (which, in the case of earnings allocated in any form by a System bank to any association or other recipient and retained by the bank, shall be considered, in whole or in part, permanent capital of the bank or of any such association or other recipient as provided under an agreement between the bank and each such association or other recipient); (C) all surplus (less allowances for losses); (D) stock issued by a System institution, except— (i) stock that may be retired by the holder of the stock on repayment of the holder’s loan, or otherwise at the option or request of the holder; …
“stock” applies in that section
The term “stock” means voting and nonvoting stock (including preferred stock), equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other forms and types of equities. (b) Adoption of bylaws Subject to approval by shareholders under subsection (c)(2), each bank and association shall adopt bylaws, developed by its board of directors, that provide for the capitalization of the institution in accordance with subsection (c)(1).
“available collateral” applies in that section
the term “available collateral” means the amount (determined at the close of the last calendar quarter ending before such call) by which a bank’s collateral as described in section 2154 of this title exceeds the collateral required to support the bank’s outstanding notes, bonds, debentures, and other similar obligations. (D) If the Farm Credit Administration makes any such call and the available collateral of all such banks does not fully satisfy the liability necessitating such calls, such calls shall be made on all nondefaulting banks in proportion to each such bank’s remaining assets.
“borrower stock” applies in that section
The term “borrower stock” means voting and nonvoting stock, equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other similar equities that are subject to retirement under a revolving cycle issued by any System institution and held by any person other than any System institution. (2) Eligible borrower stock
“eligible borrower stock” applies in that section
The term “eligible borrower stock” means borrower stock that— (A) is outstanding on January 6, 1988 ; (B) is issued or allocated after January 6, 1988 , but prior to the earlier of— (i) in the case of each bank and association, the date of approval, by the stockholders of such bank or association, of the capitalization requirements of the institution in accordance with section 2154a of this title ; or (ii) the date that is 9 months after January 6, 1988 ; (C) was, after January 1, 1983 , but before January 6, 1988 , frozen by an institution that was placed in liquidation; or (D) was retired at less than par value by an institution that was placed in liquidation after January 1, 1983 , but …
“institution” applies in that section
The term “institution” means a bank or association chartered under this chapter. (4) Par value
“par value” applies in that section
The term “par value” means— (A) in the case of stock, par value; (B) in the case of participation certificates and other equities and interests not described in subparagraph (C), face or equivalent value; or (C) in the case of participation certificates and allocated equities subject to retirement under a revolving cycle but that a System institution elects to retire out of order for application against a loan in default or otherwise as provided in this chapter, par or face value discounted, at a rate determined by the institution, to reflect the present value of the equity or interest as of the date of such retirement.
“application for restructuring” applies throughout its part
The term “application for restructuring” means a written request— (A) from a borrower for the restructuring of a distressed loan in accordance with a preliminary restructuring plan proposed by the borrower as a part of the application; (B) submitted on the appropriate forms prescribed by the qualified lender; and (C) accompanied by sufficient financial information and repayment projections, where appropriate, as required by the qualified lender to support a sound credit decision. (2) Cost of foreclosure
“cost of foreclosure” applies throughout its part
The term “cost of foreclosure” includes— (A) the difference between the outstanding balance due on a loan made by a qualified lender and the liquidation value of the loan, taking into consideration the borrower’s repayment capacity and the liquidation value of the collateral used to secure the loan; (B) the estimated cost of maintaining a loan as a nonperforming asset; (C) the estimated cost of administrative and legal actions necessary to foreclose a loan and dispose of property acquired as the result of the foreclosure, including attorneys’ fees and court costs; (D) the estimated cost of changes in the value of collateral used to secure a loan during the period beginning on the date of …
“distressed loan” applies throughout its part
The term “distressed loan” means a loan that the borrower does not have the financial capacity to pay according to its terms and that exhibits one or more of the following characteristics: (A) The borrower is demonstrating adverse financial and repayment trends. (B) The loan is delinquent or past due under the terms of the loan contract. (C) One or both of the factors listed in subparagraphs (A) and (B), together with inadequate collateralization, present a high probability of loss to the lender. (4) Foreclosure proceeding
“foreclosure proceeding” applies throughout its part
The term “foreclosure proceeding” means— (A) a foreclosure or similar legal proceeding to enforce a lien on property, whether real or personal, that secures a nonaccrual or distressed loan; or (B) the seizing of and realizing on nonreal property collateral, other than collateral subject to a statutory lien arising under subchapter I or II, to effect collection of a nonaccrual or distressed loan. (5) Loan (A) In general Subject to subparagraph (B),
“loan” applies throughout its part
the term “loan” means a loan made to a farmer, rancher, or producer or harvester of aquatic products, for any agricultural or aquatic purpose and other credit needs of the borrower, including financing for basic processing and marketing directly related to the borrower’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products. (B) Exclusion for loans designated for sale into secondary market (i) In general Except as provided in clause (ii), the term “loan” does not include a loan made on or after February 10, 1996 , that is designated, at the time the loan is made, for sale into a secondary market.
“qualified lender” applies throughout its part
The term “qualified lender” means— (A) a System institution that makes loans (as defined in paragraph (5)) except a bank for cooperatives; and (B) each bank, institution, corporation, company, union, and association described in section 2015(b)(1)(B) of this title but only with respect to loans discounted or pledged under section 2015(b)(1) of this title . (7) Restructure and restructuring
“restructure” applies throughout its part
The terms “restructure” and “restructuring” include rescheduling, reamortization, renewal, deferral of principal or interest, monetary concessions, and the taking of any other action to modify the terms of, or forbear on, a loan in any way that will make it probable that the operations of the borrower will become financially viable.
“restructuring” applies throughout its part
The terms “restructure” and “restructuring” include rescheduling, reamortization, renewal, deferral of principal or interest, monetary concessions, and the taking of any other action to modify the terms of, or forbear on, a loan in any way that will make it probable that the operations of the borrower will become financially viable.
“similar entity” applies in that section
The term “similar entity” means a person that— (A) is not eligible for a loan from the Farm Credit Bank or association; and (B) has operations that are functionally similar to a person that is eligible for a loan from the Farm Credit Bank or association in that the person derives a majority of the income of the person from, or has a majority of the assets of the person invested in, the conduct of activities that are functionally similar to the activities that are conducted by an eligible person.
“bank” applies throughout its part
the term “bank” includes each association operating under subchapter II.
“other Federal bank regulatory agencies” applies in that section
the term “other Federal bank regulatory agencies” has the same meaning given to the term “appropriate Federal banking agency” in section 1813(q) of this title . (C) Ethics in Government The officers and employees of the agency shall be— (i) subject to chapter 131 of title 5; and (ii) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18.
“person” applies in that section
the term “person” means— (1) an individual; and (2) in the case of a specific determination by the Farm Credit Administration, a legal entity. (b) Industry-wide prohibition Except as provided in subsection (c), any person who, pursuant to an order issued under section 2264 or 2265 of this title, has been removed or suspended from office at a System institution or prohibited from participating in the conduct of the affairs of a System institution shall not, during the period of effectiveness of the order, continue or commence to hold any office in, or participate in any manner in the conduct of the affairs of— (1) any insured depository institution subject to section 1818(e)(7)(A)(i) of this …
“cease and desist order that has become final” applies throughout its part
the terms “cease and desist order that has become final” and “order which has become final” mean a cease and desist order, or an order, issued by the Farm Credit Administration with the consent of the System institution or the director or officer or other person concerned, or with respect to which no petition for review of the action of the Farm Credit Administration has been filed and perfected in a court of appeals as specified in section 2266(b) of this title , or with respect to which the action of the court in which such petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in section 2266(b) of this title , or an …
“institution” applies throughout its part
the terms “institution in the System”, “System institution”, and “institution” mean all institutions enumerated in section 2002 of this title , any service organization chartered under part E of subchapter IV of this chapter, and the Financial Assistance Corporation;
“institution in the System” applies throughout its part
the terms “institution in the System”, “System institution”, and “institution” mean all institutions enumerated in section 2002 of this title , any service organization chartered under part E of subchapter IV of this chapter, and the Financial Assistance Corporation;
“institution-affiliated party” applies throughout its part
the term “institution-affiliated party” means— (A) a director, officer, employee, shareholder, or agent of a System institution; (B) an independent contractor (including an attorney, appraiser, or accountant) who knowingly or recklessly participates in— (i) a violation of law (including regulations) that is associated with the operations and activities of 1 or more System institutions; (ii) a breach of fiduciary duty; or (iii) an unsafe practice that causes or is likely to cause more than a minimum financial loss to, or a significant adverse effect on, a System institution; and (C) any other person, as determined by the Farm Credit Administration (by regulation or on a case-by-case basis) …
“order which has become final” applies throughout its part
the terms “cease and desist order that has become final” and “order which has become final” mean a cease and desist order, or an order, issued by the Farm Credit Administration with the consent of the System institution or the director or officer or other person concerned, or with respect to which no petition for review of the action of the Farm Credit Administration has been filed and perfected in a court of appeals as specified in section 2266(b) of this title , or with respect to which the action of the court in which such petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in section 2266(b) of this title , or an …
“System institution” applies throughout its part
the terms “institution in the System”, “System institution”, and “institution” mean all institutions enumerated in section 2002 of this title , any service organization chartered under part E of subchapter IV of this chapter, and the Financial Assistance Corporation;
“violation” applies throughout its part
the term “violation” includes without limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation;
“Board of Directors” applies throughout its part
The term “Board of Directors” means the Board of Directors of the Corporation. (2) Corporation
“Corporation” applies throughout its part
The term “Corporation” means the Farm Credit System Insurance Corporation established in section 2277a–1 of this title . (3) Insured obligation
“insured obligation” applies throughout its part
The term “insured obligation” means any note, bond, debenture, or other obligation issued under subsection (c) or (d) of section 2153 of this title — (A) on or before January 5, 1989 , on behalf of any System bank; and (B) after such date, which, when issued, is issued on behalf of any insured System bank. (4) Insured System bank
“insured System bank” applies throughout its part
The term “insured System bank” means any System bank whose participation in notes, bonds, debentures, and other obligations issued under subsection (c) or (d) of section 2153 of this title is insured under this part. (5) State
“State” applies throughout its part
The term “State” means any of the 50 States, the District of Columbia, any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands.
“bank” applies in that section
the terms “insured System bank” and “bank” include each production credit association and other association making direct loans under the authority provided under section 2279b of this title . (f) Effective date The Corporation shall not exercise any authority under this section during the 5-year period prior to January 1, 1993 .
“insured System bank” applies in that section
the terms “insured System bank” and “bank” include each production credit association and other association making direct loans under the authority provided under section 2279b of this title . (f) Effective date The Corporation shall not exercise any authority under this section during the 5-year period prior to January 1, 1993 .
“qualifying insured System bank” applies in that section
the term “qualifying insured System bank” means any insured System bank that— (i) is in receivership; (ii) is, in the judgment of the Board of Directors, in danger of being placed in receivership; or (iii) is, in the sole discretion of the Corporation, an insured System bank that, when severe financial conditions exist that threaten the stability of a significant number of insured System banks or of insured System banks possessing significant financial resources, requires assistance under subparagraph (A) to lessen the risk to the Corporation posed by such insured System bank under such threat of instability.
“institution” applies in that section
the term “institution” means— (1) an insured System bank; and (2) a production credit association or other association making loans under section 2279b of this title with a direct loan payable to the funding bank of the association that comprises 20 percent or more of the funding bank’s total loan volume net of nonaccrual loans.
“golden parachute payment” applies in that section
The term “golden parachute payment”— (A) means a payment (or any agreement to make a payment) in the nature of compensation for the benefit of any institution-related party under an obligation of any Farm Credit System institution that— (i) is contingent on the termination of the party’s relationship with the institution; and (ii) is received on or after the date on which— (I) the institution is insolvent; (II) a conservator or receiver is appointed for the institution; (III) the institution has been assigned by the Farm Credit Administration a composite CAMEL rating of 4 or 5 under the Farm Credit Administration Rating System, or an equivalent rating; or (IV) the Corporation otherwise …
“indemnification payment” applies in that section
The term “indemnification payment” means a payment (or any agreement to make a payment) by any Farm Credit System institution for the benefit of any person who is or was an institution-related party, to pay or reimburse the person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Farm Credit Administration that results in a final order under which the person— (A) is assessed a civil money penalty; or (B) is removed or prohibited from participating in the conduct of the affairs of the institution. (3) Institution-related party
“institution-related party” applies in that section
The term “institution-related party” means— (A) a director, officer, employee, or agent for a Farm Credit System institution or any conservator or receiver of such an institution; (B) a stockholder (other than another Farm Credit System institution), consultant, joint venture partner, or any other person determined by the Farm Credit Administration to be a participant in the conduct of the affairs of a Farm Credit System institution; and (C) an independent contractor (including any attorney, appraiser, or accountant) that knowingly or recklessly participates in any violation of any law or regulation, any breach of fiduciary duty, or any unsafe or unsound practice that caused or is likely to …
“liability or legal expense” applies in that section
The term “liability or legal expense” means— (A) a legal or other professional expense incurred in connection with any claim, proceeding, or action; (B) the amount of, and any cost incurred in connection with, any settlement of any claim, proceeding, or action; and (C) the amount of, and any cost incurred in connection with, any judgment or penalty imposed with respect to any claim, proceeding, or action. (5) Payment
“payment” applies in that section
The term “payment” means— (A) a direct or indirect transfer of any funds or any asset; and (B) any segregation of any funds or assets for the purpose of making, or under an agreement to make, any payment after the date on which the funds or assets are segregated, without regard to whether the obligation to make the payment is contingent on— (i) the determination, after that date, of the liability for the payment of the amount; or (ii) the liquidation, after that date, of the amount of the payment.
“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. (B) Notification If— (i) the conservator or receiver for a System institution in default makes any transfer of the assets and liabilities of such System institution; and (ii) the transfer includes any qualified financial contract, the conservator or receiver shall notify any person who is a party to any such contract of such transfer by 5:00 p.m.
“clearing organization” applies in that section
The term “clearing organization” has the meaning given the term in section 4402 of this title . (ii) Financial institution
“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 …
“default” applies in that section
the term “default” means a failure to comply with the terms of a loan or other obligation to such an extent that the property securing the obligation is foreclosed upon. (j) Expedited procedures for certain claims (1) Time for filing notice of appeal The notice of appeal of any order, whether interlocutory or final, entered in any case brought by the Corporation against a System institution’s director, officer, employee, agent, attorney, accountant, or appraiser or any other person employed by or providing services to a System institution shall be filed not later than 30 days after the date of entry of the order.
“financial institution” applies in that section
The term “financial institution” means a System institution, a broker or dealer, a depository institution, a futures commission merchant, or any other institution, as determined by the Corporation by regulation to be a financial institution.
“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 more than 2 days after the date 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), consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, unallocated transaction, or any other similar …
“institution” applies in that section
the term “institution” includes any System institution for which the Corporation has been appointed as conservator or receiver. (b) Certain powers and duties of Corporation as conservator or receiver In addition to the powers inherent in the express grant of corporate authority under section 2277a–7(9) of this title , and other powers exercised by the Corporation under this part, the Corporation shall have the following express powers to act as a conservator or receiver: (1) Rulemaking authority of Corporation The Corporation may prescribe such regulations as the Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships.
“person” applies in that section
The term “person”— (I) has the meaning given the term in section 1 of title 1 ; and (II) includes any governmental entity. (iv) Qualified financial contract
“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.
“qualified foreign government security” applies in that section
the term “qualified foreign government security” means a security that is a direct obligation of, or that is fully guaranteed by, the central government of a member of the Organization for Economic Cooperation and Development (as determined by regulation or order adopted by the appropriate Federal banking authority). (vi) Securities contract
“securities contract” applies in that section
The term “securities contract”— (I) means— (aa) 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 the …
“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, that is— (aa) an interest rate swap, option, future, or forward agreement, including a rate floor, rate cap, rate collar, cross-currency rate swap, and basis swap; (bb) a spot, same day-tomorrow, tomorrow-next, forward, or other foreign exchange precious metals or other commodity agreement; (cc) a currency swap, option, future, or forward agreement; (dd) an equity index or equity swap, option, future, or forward agreement; (ee) a debt index or debt swap, option, future, or forward agreement; (ff) a total return, credit spread or credit swap, option, future, …
“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 a System institution.
“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— (I) solely because of— (aa) the status of the party as a nondefaulting party in connection with the insolvency of a System institution that is a party to the contract; or (bb) the appointment of, or the exercise of rights or powers by, the Corporation as a conservator or receiver of the System institution; and (II) not as a result of the exercise by a party of any right to offset, setoff, or net obligations that exist under— (aa) the …
“secure base amount” applies throughout its part
the term “secure base amount” means, with respect to any point in time, 2 percent of the aggregate outstanding insured obligations of all insured System banks at such time (as adjusted under paragraph (2)), or such other percentage of the aggregate amount as the Corporation in its sole discretion determines is actuarially sound to maintain in the Insurance Fund taking into account the risk of insuring outstanding insured obligations.
“agricultural real estate” applies throughout its subchapter
The term “agricultural real estate” means— (A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that— (i) is used for the production of one or more agricultural commodities or products; and (ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or (B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding— (i) any community having a population in excess of 2,500 inhabitants; and (ii) any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $100,000 (as adjusted for inflation). (2) Board
“Board” applies throughout its subchapter
The term “Board” means the board of directors established under section 2279aa–2 of this title . (3) Certified facility
“certified facility” applies throughout its subchapter
The term “certified facility” means— (A) an agricultural mortgage marketing facility that is certified under section 2279aa–5 of this title ; or (B) the Corporation and any affiliate thereof. (4) Corporation
“Corporation” applies throughout its subchapter
The term “Corporation” means the Federal Agricultural Mortgage Corporation established in section 2279aa–1 of this title . (5) Guarantee
“guarantee” applies throughout its subchapter
The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in accordance with this subchapter. (6) Originator
“originator” applies throughout its subchapter
The term “originator” means any Farm Credit System institution, bank, insurance company, business and industrial development company, savings and loan association, association of agricultural producers, agricultural cooperative, commercial finance company, trust company, credit union, or other entity that originates and services agricultural mortgage loans. (7) Qualified loan
“qualified loan” applies throughout its subchapter
The term “qualified loan” means an obligation— (A) (i) that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage; (ii) of— (I) a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or (II) a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in subclause (I); and (iii) of a person, corporation, or partnership that has …
“State” applies throughout its subchapter
The term “State” has the meaning given such term in section 2277a of this title .
“affiliate” applies throughout its subchapter
the term “affiliate” shall mean an entity effectively controlled or owned by the Corporation, except that such term shall not include an originator (as defined in section 2279aa of this title ). (f) Employees and personnel The Farm Credit Administration Board shall ensure that— (1) the Office of Secondary Market Oversight has access to a sufficient number of qualified and trained employees to adequately supervise the secondary market activities of the Corporation; and (2) the supervision of the powers, functions, and duties of the Corporation is performed, to the extent practicable, by personnel who are not responsible for the supervision of the banks and associations of the Farm Credit …
“compensation” applies throughout its part
The term “compensation” means any payment of money or the provision of any other thing of current or potential value in connection with employment. (2) Core capital
“core capital” applies throughout its part
The term “core capital” means, with respect to the Corporation, the sum of the following (as determined in accordance with generally accepted accounting principles): (A) The par value of outstanding common stock. (B) The par value of outstanding preferred stock. (C) Paid-in capital. (D) Retained earnings. (3) Director
“Director” applies throughout its part
The term “Director” means the Director of the Office of Secondary Market Oversight of the Farm Credit Administration, selected under section 2279aa–11(a)(3) of this title . (4) Office
“Office” applies throughout its part
The term “Office” means the Office of Secondary Market Oversight of the Farm Credit Administration, established in section 2279aa–11(a) of this title . (5) Regulatory capital
“regulatory capital” applies throughout its part
The term “regulatory capital” means, with respect to the Corporation, the core capital of the Corporation plus an allowance for losses and guarantee claims, as determined in accordance with generally accepted accounting principles. (6) State
“State” applies throughout its part
The term “State” means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
“Bank” applies throughout its chapter
The term “Bank” means the Federal Financing Bank established by section 2283 of this title .
“Federal agency” applies throughout its chapter
The term “Federal agency” means an executive department, an independent Federal establishment, or a corporation or other entity established by the Congress which is owned in whole or in part by the United States.;
“guarantee” applies throughout its chapter
The term “guarantee” means any guarantee, insurance, or other pledge with respect to the payment of all or part of the principal or interest on any obligation, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions, or any guarantee or pledge arising out of a statutory obligation to insure such deposits, shares, or other withdrawable accounts.;
“obligation” applies throughout its chapter
The term “obligation” means any note, bond, debenture, or other evidence of indebtedness, but does not include Federal Reserve notes or stock evidencing an ownership interest in the issuing Federal agency.;
“affiliated business arrangement” applies throughout its chapter
the term “affiliated business arrangement” means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider;
“associate” applies throughout its chapter
the term “associate” means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such business; and;
“Bureau” applies throughout its chapter
the term “Bureau” means the Bureau of Consumer Financial Protection.
“federally related mortgage loan” applies throughout its chapter
the term “federally related mortgage loan” includes any loan (other than temporary financing such as a construction loan) which— (A) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from one to four families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and (B) (i) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is regulated by any agency of the …
“person” applies throughout its chapter
the term “person” includes individuals, corporations, associations, partnerships, and trusts;
“Secretary” applies throughout its chapter
the term “Secretary” means the Secretary of Housing and Urban Development;
“Settlement services” applies throughout its chapter
the term “Settlement services” includes any service provided in connection with a real estate settlement including, but not limited to, the following: title searches, title examinations, the provision of title certificates, title insurance, services rendered by an attorney, the preparation of documents, property surveys, the rendering of credit reports or appraisals, pest and fungus inspections, services rendered by a real estate agent or broker, the origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans), and the handling of the processing, and closing or settlement;
“thing of value” applies throughout its chapter
the term “thing of value” includes any payment, advance, funds, loan, service, or other consideration;
“title company” applies throughout its chapter
the term “title company” means any institution which is qualified to issue title insurance, directly or through its agents, and also refers to any duly authorized agent of a title company;
“effective date of transfer” applies in that section
The term “effective date of transfer” means the date on which the mortgage payment of a borrower is first due to the transferee servicer of a mortgage loan pursuant to the assignment, sale, or transfer of the servicing of the mortgage loan. (2) Servicer
“force-placed insurance” applies in that section
the term “force-placed insurance” means hazard insurance coverage obtained by a servicer of a federally related mortgage when the borrower has failed to maintain or renew hazard insurance on such property as required of the borrower under the terms of the mortgage. (l) Requirements for force-placed insurance A servicer of a federally related mortgage shall not be construed as having a reasonable basis for obtaining force-placed insurance unless the requirements of this subsection have been met.