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12 U.S.C. § 5324 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:
(1) **Bank holding company** — The term “bank holding company” has the same meaning as in section 2 of the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.], pursuant to [section 3106(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3106/a&num=0&edition=prelim), shall be treated as a bank holding company for purposes of this subchapter.
(2) **Chairperson** — The term “Chairperson” means the Chairperson of the Council.
(3) **Member agency** — The term “member agency” means an agency represented by a voting member of the Council.
(4) **Nonbank financial company definitions**
(A) *Foreign nonbank financial company* — The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is—
(i) incorporated or organized in a country other than the United States; and
(ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).
(B) *U.S. nonbank financial company* — The term “U.S. nonbank financial company” means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 ([12 U.S.C. 2001]
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Source location: Title 12, Chapter 53, § 5324; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) In general** For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:
(1) **Bank holding company** — The term “bank holding company” has the same meaning as in section 2 of the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.], pursuant to [section 3106(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3106/a&num=0&edition=prelim), shall be treated as a bank holding company for purposes of this subchapter.
(2) **Chairperson** — The term “Chairperson” means the Chairperson of the Council.
(3) **Member agency** — The term “member agency” means an agency represented by a voting member of the Council.
(4) **Nonbank financial company definitions**
(A) *Foreign nonbank financial company* — The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is—
(i) incorporated or organized in a country other than the United States; and
(ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).
(B) *U.S. nonbank financial company* — The term “U.S. nonbank financial company” means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 ([12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2001&num=0&edition=prelim) et seq.), or a national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository registered with the Commission, or a board of trade designated as a contract market (or parent thereof), or a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), swap execution facility or a swap data repository registered with the Commodity Futures Trading Commission), that is—
(i) incorporated or organized under the laws of the United States or any State; and
(ii) predominantly engaged in financial activities, as defined in paragraph (6).
(C) *Nonbank financial company* — The term “nonbank financial company” means a U.S. nonbank financial company and a foreign nonbank financial company.
(D) *Nonbank financial company supervised by the Board of Governors* — The term “nonbank financial company supervised by the Board of Governors” means a nonbank financial company that the Council has determined under [section 5323 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5323&num=0&edition=prelim) shall be supervised by the Board of Governors.
(5) **Office of Financial Research** — The term “Office of Financial Research” means the office established under [section 5342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5342&num=0&edition=prelim).
(6) **Predominantly engaged** — A company is “predominantly engaged in financial activities” if—
(A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956 [[12 U.S.C. 1843(k)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k&num=0&edition=prelim)]) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the company; or
(B) the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.
(7) **Significant institutions** — The terms “significant nonbank financial company” and “significant bank holding company” have the meanings given those terms by rule of the Board of Governors, but in no instance shall the term “significant nonbank financial company” include those entities that are excluded under paragraph (4)(B).
**(b) Definitional criteria** The Board of Governors shall establish, by regulation, the requirements for determining if a company is predominantly engaged in financial activities, as defined in subsection (a)(6).
**(c) Foreign nonbank financial companies** For purposes of the application of parts A and C (other than [section 5323(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5323/b&num=0&edition=prelim)) with respect to a foreign nonbank financial company, references in this subchapter to “company” or “subsidiary” include only the United States activities and subsidiaries of such foreign company, except as otherwise provided.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Nothing in this Act, or any amendment made by this Act, shall be construed to modify, impair, or supersede the operation of any of the antitrust laws, unless otherwise specified. For purposes of this section, the term “antitrust laws” has the same meaning as in subsection (a) of [section 12 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section12&num=0&edition=prelim), except that such term includes [section 45 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45&num=0&edition=prelim), to the extent that such section 45 applies to unfair methods of competition.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Study required**
(1) **In general** — The Chairperson of the Council shall carry out a study of the economic impact of possible financial services regulatory limitations intended to reduce systemic risk. Such study shall estimate the benefits and costs on the efficiency of capital markets, on the financial sector, and on national economic growth, of—
(A) explicit or implicit limits on the maximum size of banks, bank holding companies, and other large financial institutions;
(B) limits on the organizational complexity and diversification of large financial institutions;
(C) requirements for operational separation between business units of large financial institutions in order to expedite resolution in case of failure;
(D) limits on risk transfer between business units of large financial institutions;
(E) requirements to carry contingent capital or similar mechanisms;
(F) limits on commingling of commercial and financial activities by large financial institutions;
(G) segregation requirements between traditional financial activities and trading or other high-risk operations in large financial institutions; and
(H) other limitations on the activities or structure of large financial institutions that may be useful to limit systemic risk.
(2) **Recommendations** — The study required by this section shall include recommendations for the optimal structure of any limits considered in subparagraphs (A) through (E), in order to maximize their effectiveness and minimize their economic impact.
**(b) Report** Not later than the end of the 180-day period beginning on July 21, 2010, and not later than every 5 years thereafter, the Chairperson shall issue a report to the Congress containing any findings and determinations made in carrying out the study
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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
Page 1216
TITLE 12—BANKS AND BANKING
§ 1841
Sec.
1842.
Acquisition of bank shares or assets.
1843.
Interests in nonbanking organizations.
1844.
Administration.
1845.
Repealed.
1846.
Reservation of rights to States.
1847.
Penalties.
1848.
Judicial review.
1848a.
Repealed.
1849.
Saving provision.
1850.
Acquisition of subsidiary and tying arrange-
ment: Federal Reserve Board proceedings;
application for authorization; competitor as
party in interest and person aggrieved; judi-
cial review.
1850a.
Securities holding companies.
1851.
Prohibitions on proprietary trading and cer-
tain relationships with hedge funds and pri-
vate equity funds.
1852.
Concentration limits on large financial firms.
§ 1841. Definitions
(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 securi-
ties 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 di-
rectly or indirectly exercises a controlling in-
fluence 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
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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
Page 1228
TITLE 12—BANKS AND BANKING
§ 1843
1966—Subsec. (a). Pub. L. 89–485, § 7(a), (b), expanded
the list of acts requiring prior approval of the Board by
including therein any action that causes a bank to be-
come a subsidiary of a bank holding company and sub-
stituted provisions excepting shares that are held
under a trust that constitutes a company as defined in
section 1841(b) of this title and excepting shares as pro-
vided in pars. (2) and (3) of section 1841(g) of this title
from the effect of the clause lifting the requirements of
prior Board approved in the case of shares acquired by
a bank in good faith in a fiduciary capacity for provi-
sions excepting shares held for the benefit of the share-
holders of a bank from the effect of the clause.
Subsec. (c). Pub. L. 89–485, § 7(c), inserted provision
prohibiting any acquisition, merger, or consolidation
that would result in a monopoly or would further any
combination or conspiracy to monopolize the banking
business in any part of the United States or would sub-
stantially lessen competition or in any manner be in
restraint of trade unless the public interest clearly out-
weighed the anticompetitive effects and substituted
provisions requiring the Board to take into consider-
ation the financial and managerial resources and future
prospects of the company or bank concerned and the
convenience and needs of the community to be served
for provisions requiring the Board to take into consid-
eration the financial history of the company or bank
concerned, its prospects, the character of its manage-
ment, the needs of the community, and the public in-
terest.
Subsec. (d). Pub. L. 89–485, § 7(d), substituted provi-
sions restricting expansion to state in which the oper-
ations of the bank holding co
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Federal law — U.S. Code and appendices · legal_authorities
Page 1282
TITLE 12—BANKS AND BANKING
§ 2001
Sec.
PART E—FARM CREDIT SYSTEM INSURANCE
CORPORATION
2277a.
Definitions.
2277a–1.
Establishment of Farm Credit System
Insurance Corporation.
2277a–2.
Board of Directors.
2277a–3.
Commencement of insurance.
2277a–4.
Premiums.
2277a–5.
Certification of premiums.
2277a–6.
Overpayment and underpayment of pre-
miums; remedies.
2277a–7.
General corporate powers.
2277a–8.
Conduct of corporate affairs; examina-
tion of System institutions.
2277a–9.
Insurance Fund.
2277a–10.
Powers of Corporation with respect to
troubled insured System banks.
2277a–10a.
Oversight actions by Corporation.
2277a–10b.
Authority to regulate golden parachute
and indemnification payments.
2277a–10c.
Corporation as conservator or receiver;
certain other powers.
2277a–11.
Investment of funds.
2277a–12.
Exemption from taxation.
2277a–13.
Omitted.
2277a–14.
Prohibitions.
SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT
SYSTEM
2278a to 2278b–11. Repealed.
SUBCHAPTER VII—RESTRUCTURING OF SYSTEM
INSTITUTIONS
PART A—MERGER OF BANKS WITHIN A DISTRICT
2279a.
Power to merge.
2279a–1.
Board of directors.
2279a–2.
Powers of merged banks.
2279a–3.
Capitalization.
2279a–4, 2279a–5. Repealed or Transferred.
PART B—MERGERS, TRANSFERS OF ASSETS, AND
POWERS OF ASSOCIATIONS WITHIN A DISTRICT
SUBPART 1—TRANSFERS BY FEDERAL LAND BANKS TO
FEDERAL LAND BANK ASSOCIATIONS
2279b.
Transfer of lending authority.
2279c.
Equalization of loan-making powers of
certain district associations.
SUBPART 2—MERGER OF LIKE AND UNLIKE ASSOCIATIONS
2279c–1.
Merger of associations.
SUBPART 3—RECONSIDERATION
2279c–2.
Reconsideration.
SUBPART 4—TERMINATION AND DISSOLUTION OF
INSTITUTIONS
2279d.
Termination of System institution sta-
tus.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1842
TITLE 12—BANKS AND BANKING
§ 5324
124 Stat. 1391, which is classified principally to this
subchapter. For complete classification of title I to the
Code, see Short Title note set out under section 5301 of
this title and Tables.
This Act, referred to in subsec. (c)(6), is Pub. L.
111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-
Frank Wall Street Reform and Consumer Protection
Act, which enacted this chapter and chapters 108 (§ 8201
et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and
Trade, and enacted, amended, and repealed numerous
other sections and notes in the Code. For complete
classification of this Act to the Code, see Short Title
note set out under section 5301 of this title and Tables.
§ 5324. Registration of nonbank financial compa-
nies supervised by the Board of Governors
Not later than 180 days after the date of a final
Council determination under section 5323 of this
title that a nonbank financial company is to be
supervised by the Board of Governors, such com-
pany shall register with the Board of Governors,
on forms prescribed by the Board of Governors,
which shall include such information as the
Board of Governors, in consultation with the
Council, may deem necessary or appropriate to
carry out this subchapter.
(Pub. L. 111–203, title I, § 114, July 21, 2010, 124
Stat. 1403.)
Editorial Notes
REFERENCES IN TEXT
This subchapter, referred to in text, was in the origi-
nal ‘‘this title’’, meaning title I of Pub. L. 111–203, July
21, 2010, 124 Stat. 1391, which is classified principally to
this subchapter. For complete classification of title I
to the Code, see Short Title note set out under section
5301 of this title and Tables.
§ 5325. Enhanced supervision and prudential
standards for nonbank financ
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