12 U.S.C. § 5622: Definitions

Summary

Defines key words used in this subchapter. An "account" is an agreement where an individual gets from or through an eligible entity 1 or more banking products or services; it includes deposit accounts, savings (including money market savings), accounts for closed‑end loans, and other products the Secretary allows. "Community development financial institution" has the meaning in section 4702(5) of this title. An "eligible entity" is a 501(c)(3) tax‑exempt organization (under section 501(a)), a federally insured depository institution, a community development financial institution, a State, local, or tribal government entity, or a partnership or joint venture made up of 1 or more of those entities under rules the Secretary sets. "Federally insured depository institution" means an insured depository institution (as defined in section 1813 of this title) or an insured credit union (as defined in section 1752 of this title).

Title 12, §5622

Banks and Banking, Source: USLM XML via OLRC

In this subchapter, the following definitions shall apply:

(1)Account

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)Community development financial institution

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

(3)Eligible entity

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)Federally insured depository institution

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