§5622 — Title 12 Banks and Banking | U.S. Code

Summary

Defines the main words used in this part. Account — an agreement where a person gets one or more banking products or services from an eligible entity, such as a deposit account, a savings account (including money market), a closed‑end loan account, or other types the Secretary allows. Community development financial institution — means what section 4702(5) says. Eligible entity — a 501(c)(3) tax‑exempt charity (under 501(a)), a federally insured bank or credit union, a community development financial institution, a State, local, or tribal government, or a partnership made of any of those, following rules the Secretary sets. Federally insured depository institution — an insured depository institution or an insured credit union as defined in sections 1813 and 1752.

Title 12, §5622

Banks and Banking — Source: USLM XML via OLRC

In this subchapter, the following definitions shall apply:

(1)The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate.

(2)The term “community development financial institution” has the same meaning as in section 4702(5) of this title.

(3)The term “eligible entity” means—

(A)an organization described in section 501(c)(3) of title 26, and exempt from tax under section 501(a) of such title;

(B)a federally insured depository institution;

(C)a community development financial institution;

(D)a State, local, or tribal government entity; or

(E)a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter.

(4)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).

Notes & Related Subsidiaries

Editorial Notes

References in Text

This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see

Short Title

note set out under section 5301 of this title and Tables.

§5622 Definitions