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12 U.S.C. § 1971 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter, the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim). For purposes of this chapter only, the term “company”, as used in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim), means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State. The term “trust service” means any service customarily performed by a bank trust department. For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to [section 24a(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24a/a&num=0&edition=prelim) shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.
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Stable record: federal_law:legal_authorities:record_usc_5fcfe2fe1eff076d4c62c9d2
Source file: Laws/federal/codes/united-states-code/title-12/section-1971-definitions--34eb4468e5.md
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Source location: Title 12, Chapter 22, § 1971; chapter-022-tying-arrangements.md
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As used in this chapter, the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim). For purposes of this chapter only, the term “company”, as used in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim), means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State. The term “trust service” means any service customarily performed by a bank trust department. For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to [section 24a(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24a/a&num=0&edition=prelim) shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.
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Federal law — U.S. Code and appendices · legal_authorities
Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter.
(2) Any company has control over a bank or over any company if—
(A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company;
(B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or
(C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company.
(3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company.
(4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C).
(5) Notwithstanding any other provision of this subsection—
(A) No bank and no company owning or controlling voting shares of a bank is a bank hold
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking** Except as otherwise provided in this chapter, no bank holding company shall—
(1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or
(2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196
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Federal law — U.S. Code and appendices · legal_authorities
**(a) State regulation of the business of insurance** The Act entitled “An Act to express the intent of Congress with reference to the regulation of the business of insurance” and approved March 9, 1945 ([15 U.S.C. 1011](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1011&num=0&edition=prelim) et seq.) (commonly referred to as the “McCarran-Ferguson Act”) remains the law of the United States.
**(b) Mandatory insurance licensing requirements** No person shall engage in the business of insurance in a State as principal or agent unless such person is licensed as required by the appropriate insurance regulator of such State in accordance with the relevant State insurance law, subject to subsections (c), (d), and (e).
**(c) Affiliations**
(1) **In general** — Except as provided in paragraph (2), no State may, by statute, regulation, order, interpretation, or other action, prevent or restrict a depository institution, or an affiliate thereof, from being affiliated directly or indirectly or associated with any person, as authorized or permitted by this Act or any other provision of Federal law.
(2) **Insurance** — With respect to affiliations between depository institutions, or any affiliate thereof, and any insurer, paragraph (1) does not prohibit—
(A) any State from—
(i) collecting, reviewing, and taking actions (including approval and disapproval) on applications and other documents or reports concerning any proposed acquisition of, or a change or continuation of control of, an insurer domiciled in that State; and
(ii) exercising authority granted under applicable State law to collect information concerning any proposed acquisition of, or a change or continuation of control of, an insurer engaged in the business of insurance in,
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (i), EBT cards shall be issued only to households which have been duly certified as eligible to participate in the supplemental nutrition assistance program.
**(b) Use** Benefits issued to eligible households shall be used by them only to purchase food from retail food stores which have been approved for participation in the supplemental nutrition assistance program at prices prevailing in such stores: Provided, That nothing in this chapter shall be construed as authorizing the Secretary to specify the prices at which food may be sold by wholesale food concerns or retail food stores.
**(c) Design**
(1) **In general** — EBT cards issued to eligible households shall be simple in design and shall include only such words or illustrations as are required to explain their purpose.
(2) **Prohibition** — The name of any public official shall not appear on any EBT card.
**(d) Delivery and control procedures** The Secretary shall prescribe appropriate procedures for the delivery of benefits to benefit issuers and for the subsequent controls to be placed over such benefits by benefit issuers in order to ensure adequate accountability.
**(e) State issuance liability** Notwithstanding any other provision of this chapter, the State agency shall be strictly liable to the Secretary for any financial losses involved in the acceptance, storage and issuance of benefits, except that in the case of losses resulting from the issuance and replacement of authorizations for benefits which are sent through the mail, the State agency shall be liable to the Secretary to the extent prescribed in the regulations promulgated by the Secretary.
**(f) Alternative benefit delivery**
(1) **In general** — If the Secretary determines, in consultati
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Federal law — U.S. Code and appendices · legal_authorities
Page 1276
TITLE 12—BANKS AND BANKING
§ 1959
1 See References in Text note below.
§ 1959. Administrative procedure
The administrative procedure and judicial re-
view provisions of subchapter II of chapter 5 and
chapter 7 of title 5 shall apply to all proceedings
under this chapter, section 1829b of this title,
and section 1730d 1 of this title.
(Pub. L. 91–508, title I, § 129, Oct. 26, 1970, 84 Stat.
1118.)
Editorial Notes
REFERENCES IN TEXT
Section 1730d of this title, referred to in text, was re-
pealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103
Stat. 363.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective on first day of seventh calendar
month which begins after Oct. 26, 1970, except that the
Secretary of the Treasury may, by regulation, provide
that this section be effective on any date not earlier
than the publication of such regulations in the Federal
Register and not later than first day of thirteenth cal-
endar month which begins after Oct. 26, 1970, see sec-
tion 401(a), (b) of Pub. L. 91–508, set out as a note under
section 1951 of this title.
§ 1960. Safe harbor with respect to keep open di-
rectives
(a) Definition
In this section, the term ‘‘financial institu-
tion’’ means an entity to which section 1953(b) of
this title applies.
(b) Safe harbor
With respect to a customer account or cus-
tomer transaction of a financial institution, if a
Federal law enforcement agency, after notifying
FinCEN of the intent to submit a written re-
quest to the financial institution that the finan-
cial institution keep that account or trans-
action open (referred to in this section as a
‘‘keep open request’’), or if a State, Tribal, or
local law enforcement agency with the concur-
rence of FinCEN submits a keep open
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1971
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