Financial institution defined

  1. Law
  2. USC 18
  3. Crimes And Criminal Procedure
  4. CRIMES
  5. GENERAL PROVISIONS
  6. Financial institution defined

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§20. Financial institution defined

As used in this title, the term "financial institution" means-

(1) an insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act);

(2) a credit union with accounts insured by the National Credit Union Share Insurance Fund;

(3) a Federal home loan bank or a member, as defined in section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422), of the Federal home loan bank system;

(4) a System institution of the Farm Credit System, as defined in section 5.35(3) of the Farm Credit Act of 1971;

(5) a small business investment company, as defined in section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662);

(6) a depository institution holding company (as defined in section 3(w)(1) of the Federal Deposit Insurance Act;

(7) a Federal Reserve bank or a member bank of the Federal Reserve System;

(8) an organization operating under section 25 or section 25(a) 1 of the Federal Reserve Act;

(9) a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978); or

(10) a mortgage lending business (as defined in section 27 of this title) or any person or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real Estate Settlement Procedures Act of 1974.

(Added Pub. L. 98–473, title II, §1107(a), Oct. 12, 1984, 98 Stat. 2145 , §215(b); amended Pub. L. 99–370, §2, Aug. 4, 1986, 100 Stat. 779 ; renumbered §20 and amended Pub. L. 101–73, title IX, §962(e)(1), (2), Aug. 9, 1989, 103 Stat. 503 ; Pub. L. 101–647, title XXV, §2597(a), Nov. 29, 1990, 104 Stat. 4908 ; Pub. L. 111–21, §2(a), May 20, 2009, 123 Stat. 1617 .)


Editorial Notes

References in Text

Section 3 of the Federal Deposit Insurance Act, referred to in pars. (1) and (6), is classified to section 1813 of Title 12, Banks and Banking.

Section 5.35(3) of the Farm Credit Act of 1971, referred to in par. (4), is classified to section 2271(3) of Title 12, Banks and Banking.

Section 25 of the Federal Reserve Act, referred to in par. (8), is classified to subchapter I (§601 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25(a) of the Federal Reserve Act, which is classified to subchapter II (§611 et seq.) of chapter 6 of Title 12, was renumbered section 25A of that act by Pub. L. 102–242, title I, §142(e)(2), Dec. 19, 1991, 105 Stat. 2281 .

Section 1(b) of the International Banking Act of 1978, referred to in par. (9), is classified to section 3101 of Title 12, Banks and Banking.

Section 3 of the Real Estate Settlement Procedures Act of 1974, referred to in par. (10), is classified to section 2602 of Title 12, Banks and Banking.

Prior Provisions

A prior section 20 was renumbered section 17 of this title.

Amendments

2009-Par. (10). Pub. L. 111–21 added par. (10).

1990-Pars. (7) to (9). Pub. L. 101–647 added pars. (7) to (9).

1989-Pub. L. 101–73, §962(e)(1), (2)(A)–(C), redesignated subsec. (b) of section 215 of this title as this section, inserted section catchline, struck out subsec. (b) designation before "As used", and substituted "used in this title" for "used in this section".

Par. (1). Pub. L. 101–73, §962(e)(2)(D), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "a bank with deposits insured by the Federal Deposit Insurance Corporation;".

Par. (2). Pub. L. 101–73, §962(e)(2)(E), (H), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: "an institution with accounts insured by the Federal Savings and Loan Insurance Corporation;".

Par. (3). Pub. L. 101–73, §962(e)(2)(H), redesignated par. (4) as (3). Former par. (3) redesignated (2).

Par. (4). Pub. L. 101–73, §962(e)(2)(F), (H), redesignated par. (5) as (4) and amended it generally. Prior to amendment, par. (4) read as follows: "a Federal land bank, Federal intermediate credit bank, bank for cooperatives, production credit association, and Federal land bank association;". Former par. (4) redesignated (3).

Par. (5). Pub. L. 101–73, §962(e)(2)(H), redesignated par. (6) as (5). Former par. (5) redesignated (4).

Pars. (6), (7). Pub. L. 101–73, §962(e)(2)(G), (H), redesignated par. (7) as (6) and amended it generally. Prior to amendment, par. (6) read as follows: "a bank holding company as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841); or". Former par. (6) redesignated (5).

Par. (8). Pub. L. 101–73, §962(e)(2)(E), struck out par. (8) which read as follows: "a savings and loan holding company as defined in section 408 of the National Housing Act (12 U.S.C. 1730a)."

1986-Pub. L. 99–370 amended subsec. (b) [formerly §215(b)] generally expanding provisions formerly contained in subsec. (c) [former §215(c)] defining "financial institution".

1 See References in Text note below.


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