§5311 Definitions

Summary

Defines key words used for rules about big banks and nonbank financial firms. "Bank holding company" means the same thing as it does under the Bank Holding Company Act. "Chairperson" is the Council’s leader. "Member agency" is an agency with a voting Council member. A "foreign nonbank financial company" is a company formed outside the United States (and not treated as a bank holding company) that mainly does financial business, including through U.S. branches. A "U.S. nonbank financial company" is a U.S.-formed company (not a bank holding company and excluding certain chartered banks, Farm Credit institutions, and registered securities or derivatives market entities) that mainly does financial business. "Nonbank financial company" covers both U.S. and foreign versions. A "nonbank financial company supervised by the Board" is one the Council names for Board supervision. "Office of Financial Research" is the office created under the law. A company is "predominantly engaged in financial activities" if 85% or more of its consolidated annual gross revenue or consolidated assets come from financial activities. The Board must write rules on how to measure that. For many parts of the rules about foreign nonbank firms, the words "company" and "subsidiary" mean only their U.S. activities and U.S. subsidiaries unless the law says otherwise.