§3902 — Title 12 Banks and Banking | U.S. Code

Summary

Defines who counts as the "appropriate Federal banking agency" and what counts as a "banking institution" for the chapter. "Appropriate Federal banking agency" uses the meaning in section 1813(q) of this title, but for bank holding companies and their nonbank subsidiaries, for Edge Act corporations organized under section 25(a) of the Federal Reserve Act (12 U.S.C. 611 et seq.), and for Agreement Corporations operating under section 25 of the Federal Reserve Act (12 U.S.C. 601 et seq.), it means the Board of Governors of the Federal Reserve System. "Banking institution" means an insured bank as defined in section 1813(h) of this title (or a subsidiary of such a bank), an Edge Act corporation under section 25(a), or an Agreement Corporation under section 25; the appropriate Federal banking agency may also include an agency or branch of a foreign bank and certain commercial lending companies owned or controlled by foreign banks or companies that control a foreign bank as defined in the International Banking Act of 1978 (12 U.S.C. 3101 et seq.). It does not include a foreign bank.

Title 12, §3902

Banks and Banking — Source: USLM XML via OLRC

For purposes of this chapter—

(1)the term “appropriate Federal banking agency” has the same meaning given such term in section 1813(q) of this title, except that for purposes of this chapter such term means the Board of Governors of the Federal Reserve System for—

(A)bank holding companies and any nonbank subsidiary thereof;

(B)Edge Act corporations organized under section 25(a) 11 See References in Text note below. of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and

(C)Agreement Corporations operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and

(2)the term “banking institution” means—

(A)(i)an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank;

(ii)an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and

(iii)an Agreement Corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and

(B)to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [12 U.S.C. 3101 et seq.]. The term “banking institution” shall not include a foreign bank.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 25(a) of the Federal Reserve Act, referred to in pars. (1) and (2)(A), which is classified to subchapter II (§ 611 et seq.) of chapter 6 of this title, was renumbered section 25A of that act by Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281. section 25 of the Federal Reserve Act is classified to subchapter I (§ 601 et seq.) of chapter 6 of this title. The International Banking Act of 1978, referred to in par. (2)(B), is Pub. L. 95–369, Sept. 17, 1978, 92 Stat. 607, which enacted chapter 32 (§ 3101 et seq.) and section 347d and 611a of this title, amended section 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of this title, and enacted provisions set out as notes under section 247, 611a, and 3101 of this title and formerly set out as notes under section 36, 247, and 601 of this title. For definitions, see section 3101 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 3101 of this title and Tables.

§3902 Definitions