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Title 12 — Banks and BankingRelease 119-73not60

§3201 Definitions

Title 12 › Chapter 33— DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS › § 3201

Last updated Apr 3, 2026|Official source

Summary

Defines key words used in this chapter. “Depository institution” means banks and similar institutions, including commercial and savings banks, trust companies, savings-and-loan, building-and-loan, homestead and cooperative associations, industrial banks, and credit unions. “Depository holding company” means a bank holding company as defined in section 1841(a), a company that would be one except for the exemption in subsection (a)(5)(F) of that section, or a savings and loan holding company as defined in section 1730a(a)(1)(D). “Affiliate” or “affiliated” covers several relationships: a holding-company/subsidiary link (see sections 1841(d) and 1730a(a)(1)(H)); situations where the same people own more than 25 percent of voting stock of both firms; a trust company whose stock (except directors’ qualifying shares) was owned by mutual savings banks on November 10, 1978, and a mutual savings bank; a state-chartered, FDIC-insured bankers’ bank described in paragraph Seventh of section 24; or a state-chartered, FDIC-insured bank whose voting stock is held only by officers of other banks, mainly serves other banks, and whose such officers do not hold more than 6 percent of paid-in capital and 6 percent of surplus. “Management official” means an employee or officer with management duties, a director (including advisory or honorary directors except for institutions with total assets under $100,000,000), a trustee of a business run by trustees, or anyone who has a representative or nominee in those roles; but a person specifically allowed under state law to serve in both certain state savings/cooperative banks and certain state trust companies that do not make mortgage loans or take personal savings deposits is not treated as a management official of the other institution for purposes of this chapter. “Office” means a principal office or a branch. “Appropriate Federal depository institutions regulatory agency” means the agency named for that institution or company in section 3207.

Full Legal Text

Title 12, §3201

Banks and Banking — Source: USLM XML via OLRC

As used in this chapter—
(1)the term “depository institution” means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union;
(2)the term “depository holding company” means a bank holding company as defined in section 1841(a) of this title, a company which would be a bank holding company as defined in section 1841(a) of this title but for the exemption contained in subsection (a)(5)(F) thereof, or a savings and loan holding company as defined in section 1730a(a)(1)(D) 11 See References in Text note below. of this title;
(3)the characterization of any corporation (including depository institutions and depository holding companies), as an “affiliate of,” or as “affiliated” with any other corporation means that—
(A)one of the corporations is a depository holding company and the other is a subsidiary thereof, or both corporations are subsidiaries of the same depository holding company, as the term “subsidiary” is defined in either section 1841(d) of this title in the case of a bank holding company or section 1730a(a)(1)(H) 1 of this title in the case of a savings and loan holding company; or
(B)more than 25 percent of the voting stock of one corporation is beneficially owned in the aggregate by one or more persons who also beneficially own in the aggregate more than 25 percent of the voting stock of the other corporation; or
(C)one of the corporations is a trust company all of the stock of which, except for directors qualifying shares, was owned by one or more mutual savings banks on November 10, 1978, and the other corporation is a mutual savings bank; or
(D)one of the corporations is a bank, insured by the Federal Deposit Insurance Corporation and chartered under State law, and is a bankers’ bank, described in Paragraph Seventh of section 24 of this title; or
(E)one of the corporations is a bank, chartered under State law and insured by the Federal Deposit Insurance Corporation, the voting securities of which are held only by persons who are officers of other banks, as permitted by State law, and which bank is primarily engaged in providing banking services for other banks and not the public: Provided, however, That in no case shall the voting securities of such corporation be held by such officers of other banks in excess of 6 per centum of the paid-in capital and 6 per centum of the surplus of such a bank.22 So in original. The period probably should be a semicolon.
(4)the term “management official” means an employee or officer with management functions, a director (including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000), a trustee of a business organization under the control of trustees, or any person who has a representative or nominee serving in any such capacity: Provided, That if a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank is specifically authorized under the laws of the State in which said institution is located to serve as a trustee, director, or other officer of a State-chartered trust company which does not make real estate mortgage loans and does not accept savings deposits from natural persons, then, for the purposes of this chapter, such corporator, trustee, director, or other officer shall not be deemed to be a management official of such trust company: And provided further, That if a management official of a State-chartered trust company which does not make real estate mortgage loans and does not accept savings deposits from natural persons is specifically authorized under the laws of the State in which said institution is located to serve as a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank, then, for the purposes of this chapter, such management official shall not be deemed to be a management official of any such savings bank or cooperative bank;
(5)the term “office” used with reference to a depository institution means either a principal office or a branch; and
(6)the term “appropriate Federal depository institutions regulatory agency” means, with respect to any depository institution or depository holding company, the agency referred to in section 3207 of this title in connection with such institution or company.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this title”, meaning title II of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3672, known as the Depository Institution Management Interlocks Act, which enacted this chapter, amended section 1464, 1730, and 1818 of this title, and enacted provisions set out as a note below. For complete classification of this Act to the Code, see

Short Title

note set out below and Tables. section 1730a of this title, referred to in pars. (2) and (3)(A), was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

Amendments

1994—Par. (3)(D). Pub. L. 103–325 substituted “and is a bankers’ bank, described in Paragraph Seventh of section 24 of this title; or” for “the voting securities of which are held by other banks, as permitted by State law, and which bank is primarily engaged in providing banking services for other banks and not the public: Provided, however, That in no case shall the voting securities of such corporation be held by any such other bank in excess of 5 per centum of the paid-in capital and 5 per centum of the surplus of such other bank; or”. 1988—Par. (3)(B). Pub. L. 100–650, § 2, substituted “25 percent” for “50 per centum” in two places. Par. (4). Pub. L. 100–650, § 3, substituted “(including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000)” for “(including an advisory or honorary director)”. Par. (6). Pub. L. 100–650, § 5(b)(1), added par. (6).

Statutory Notes and Related Subsidiaries

Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.

Short Title

of 1988 Amendment Pub. L. 100–650, § 1, Nov. 10, 1988, 102 Stat. 3819, provided that: “This Act [amending section 3201, 3204, and 3205 of this title] may be referred to as the ‘Management Interlocks Revision Act of 1988’.”

Short Title

Pub. L. 95–630, title II, § 201, Nov. 10, 1978, 92 Stat. 3672, provided that: “This title [enacting this chapter and amending section 1464, 1730, and 1818 of this title] may be cited as the ‘Depository Institution Management Interlocks Act’.”

Reference

Citations & Metadata

Citation

12 U.S.C. § 3201

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60