§5311 Definitions

Summary

Gives simple meanings for words used in this part. A "bank holding company" has the same meaning as in the Bank Holding Company Act, and a foreign firm that is treated that way under section 3106(a) counts the same. "Chairperson" means the Council’s chair. "Member agency" means an agency with a voting Council member. A "foreign nonbank financial company" is a company based outside the United States that mainly does financial business, including U.S. branches. A "U.S. nonbank financial company" is a U.S.-organized company (excluding certain banks, Farm Credit System institutions, and various registered securities or derivatives firms) that mainly does financial business. "Nonbank financial company" covers both U.S. and foreign nonbank financial companies. A "nonbank financial company supervised by the Board" is one the Council has decided the Board will supervise. "Office of Financial Research" means the office created under the statute. A company is "predominantly engaged in financial activities" if 85 percent or more of its consolidated revenue or consolidated assets come from financial activities or from owning insured banks. "Significant nonbank financial company" and "significant bank holding company" are defined by Board rule, but those excluded above are not included as "significant nonbank financial company." The Board of Governors must make rules for how to decide if a company is predominantly engaged in financial activities. For applying parts A and C to a foreign nonbank financial company, the words "company" and "subsidiary" usually mean only that company’s U.S. activities and U.S. subsidiaries, unless stated otherwise.