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7 U.S.C. § 27 — Definitions

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 27 — Definitions

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Stable record: federal_law:legal_authorities:record_usc_32cc305c1c11eb12bccc85d3
Source file: Laws/federal/codes/united-states-code/title-7/section-27-definitions--cc4fb87469.md
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Source location: Title 7, Chapter 1, § 27; chapter-001-commodity-exchanges.md

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**(a) Bank** In sections 27 to 27f of this title, the term “bank” means— (1) any depository institution (as defined in [section 1813(c) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c&num=0&edition=prelim)); (2) any foreign bank or branch or agency of a foreign bank (each as defined in [section 3101 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim)); (3) any Federal or State credit union (as defined in [section 1752 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim)); (4) any corporation organized under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.]; (5) any corporation operating under section 25 of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq.]; (6) any trust company; or (7) any subsidiary of any entity described in paragraph 11 So in original. Probably should be “paragraphs”. (1) through (6) of this subsection, if the subsidiary is regulated as if the subsidiary were part of the entity and is not a broker or dealer (as such terms are defined in [section 78c of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim)) or a futures commission merchant (as defined in [section 1a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)). **(b) Identified banking product** In sections 27 to 27f of this title, the term “identified banking product” shall have the same meaning as in paragraphs (1) through (5) of section 206(a) of the Gramm-Leach-Bliley Act, except that in applying such section for purposes of sections 27 to 27f of this title— (1) the term “bank” shall have the meaning given in subsection (a) of this section; and (2) the term “qualified investor” means eligible contract participant (as defined in [section 1a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim), as in effect on December 21, 2000). **(c) Hybrid instrument** In sections 27 to 27f of this title, the term “hybrid instrument” means an identified banking product not excluded by [section 27a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section27a&num=0&edition=prelim), offered by a bank, having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities (as defined in [section 1a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 601 — Authorization; conditions and regulations

Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 27a — Exclusion of identified banking product

**(a) Exclusion** Except as provided in subsection (b) or (c)— (1) the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) shall not apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority under the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) with respect to, an identified banking product; and (2) the definitions of “security-based swap” in section 3(a)(68) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(68)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/68&num=0&edition=prelim)] and “security-based swap agreement” in section 1a(47)(A)(v) of the Commodity Exchange Act [[7 U.S.C. 1a(47)(A)(v)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a/47/A/v&num=0&edition=prelim)] and section 3(a)(78) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(78)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/78&num=0&edition=prelim)] do not include any identified bank product. **(b) Exception** An appropriate Federal banking agency may except an identified banking product of a bank under its regulatory jurisdiction from the exclusion in subsection (a) if the agency determines, in consultation with the Commodity Futures Trading Commission and the Securities and Exchange Commission, that the product— (1) would meet the definition of a “swap” under section 1a(47) of the Commodity Exchange Act ([7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)[47]) or a “security-based swap” under

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1 — Short title

This chapter may be cited as the “Commodity Exchange Act.”

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3101 — Definitions

For the purposes of this chapter— (1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States; (2) “Board” means the Board of Governors of the Federal Reserve System; (3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) “Comptroller” means the Comptroller of the Currency; (5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1a — Definitions

As used in this chapter: (1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that— (A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof); (B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]); (C) does not— (i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or (ii) discipline subscribers other than by exclusion from trading; and (D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions. (2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”— (A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); (B) means the Board in the case of a noninsured State bank; and (C) is the Farm Credit Administration for farm credit system institutions. (3) **Associated person of a security-based swap dealer or major security-based swap participant** — T

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 611 — Formation authorized; fiscal agents; depositaries in insular possessions

Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.

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15 U.S.C. § 78c — Definitions and application

**(a) Definitions** When used in this chapter, unless the context otherwise requires— (1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. (2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service. (3) (A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section

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12 U.S.C. § 1752 — Short title

This chapter may be cited as the “Federal Credit Union Act”.

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11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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12 U.S.C. § 1789 — Payment of insurance

**(a) Liquidation by Board; bond; appointment of agent; fees to be fixed by Board** (1) (A) Upon its finding that a Federal credit union insured under this subchapter is bankrupt or insolvent, the Board shall close such credit union for liquidation and appoint itself liquidating agent therefor. (B) Not later than 10 days after the date on which the Board closes a credit union for liquidation pursuant to paragraph (1), or accepts appointment as liquidating agent pursuant to subsection (b), such insured credit union may apply to the United States district court for the judicial district in which the principal office of such insured credit union is located or the United States District Court for the District of Columbia, for an order requiring the Board to show cause why it should not be prohibited from continuing such liquidation. Except as otherwise provided in this subparagraph, no court may take any action for or toward the removal of any liquidating agent or, except at the instance of the Board, restrain or affect the exercise of powers or functions of a liquidating agent. (2) Notwithstanding any other provision of law, the Board as liquidating agent of a closed Federal credit union insured under this subchapter shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such liquidating agent. All fees, compensation, and expenses of liquidation and administration thereof shall be fixed by the Board and may be paid by them out of funds coming into its possession as such liquidating agent. (3) **Liquidation to facilitate prompt corrective action.—** — The Board may close any credit union for liquidation, and appoint itself or another (including, in the case of a State-chartered insured credit union

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