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12 U.S.C. § 4402 — Definitions

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

12 U.S.C. § 4402 — Definitions

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Source location: Title 12, Chapter 45, § 4402; chapter-045-payment-system-risk-reduction.md

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For purposes of this subchapter— (1) **Broker or dealer** — The term “broker or dealer” means— (A) any company that is registered or licensed under Federal or State law to engage in the business of brokering, underwriting, or dealing in securities in the United States; and (B) to the extent consistent with this title,11 See References in Text note below. as determined by the Board of Governors of the Federal Reserve System, any company that is an affiliate of a company described in subparagraph (A) and that is engaged in the business of entering into netting contracts. (2) **Clearing organization** — The term “clearing organization” means a clearinghouse, clearing association, clearing corporation, or similar organization— (A) that provides clearing, netting, or settlement services for its members and— (i) in which all members other than the clearing organization itself are financial institutions or other clearing organizations; or (ii) which is registered as a clearing agency under the Securities Exchange Act of 1934 [[15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.], or is exempt from such registration by order of the Securities and Exchange Commission; or (B) that is registered as a derivatives clearing organization under [section 7a–1 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7a–1&num=0&edition=prelim), that has been granted an exemption under [section 6(c)(1) of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6/c/1&num=0&edition=prelim), or that is a multilateral clearing organization (as defined in section 4421 1 of this title). (3) **Covered clearing obligation** — The term “covered clearing obligation” means an obligation of a member of a clearing organization to make payment to another member of a clearing organization, subject to a netting contract. (4) **Covered contractual payment entitlement** — The term “covered contractual payment entitlement” means— (A) an entitlement of a financial institution to receive a payment, subject to a netting contract from another financial institution; and (B) an entitlement of a member of a clearing organization to receive payment, subject to a netting contract, from another member of a clearing organization of a covered clearing obligation. (5) **Covered contractual payment obligation** — The term “covered contractual payment obligation” means— (A) an obligation of a financial institution to make payment, subject to a netting contract to another financial institution; and (B) a covered clearing obligation. (6) **Depository institution** — The term “depository institution” means— (A) a depository institution as defined in section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] (other than clause (vii)); (B) an uninsured national bank or an uninsured State bank that is a member of the Federal Reserve System, if the national bank or State member bank is not eligible to make application to become an insured bank under [section 1815 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim); (C) a branch or agency of a foreign bank, a foreign bank and any branch or agency of the foreign bank, or the foreign bank that established the branch or agency, as those terms are defined in section 1(b) of the International Banking Act of 1978 [[12 U.S.C. 3101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim)]; (D) a corporation chartered under section 25(a) 1 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.]; or (E) a corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System 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.]. (7) **Failed financial institution** — The term “failed financial institution” means a financial institution that— (A) fails to satisfy a covered contractual payment obligation when due; (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings; or (C) has generally ceased to meet its obligations when due. (8) **Failed member** — The term “failed member” means any member that— (A) fails to satisfy a covered clearing obligation when due, (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings, or (C) has generally ceased to meet its obligations when due. (9) **Financial institution** — The term “financial institution” means a broker or dealer, a depository institution, a futures commission merchant, or any other institution as determined by the Board of Governors of the Federal Reserve System. (10) **Futures commission merchant** — The term “futures commission merchant” means a company that is registered or licensed under Federal law to engage in the business of selling futures and options in commodities. (11) **Member** — The term “member” means a member of or participant in a clearing organization, and includes the clearing organization and any other clearing organization with which such clearing organization has a netting contract. (12) **Net entitlement** — The term “net entitlement” means the amount by which the covered contractual payment entitlements of a financial institution or member exceed the covered contractual payment obligations of the institution or member after netting under a netting contract. (13) **Net obligation** — The term “net obligation” means the amount by which the covered contractual payment obligations of a financial institution or member exceed the covered contractual payment entitlements of the institution or member after netting under a netting contract. (14) **Netting contract** (A) *In general* — The term “netting contract”— (i) means a contract or agreement between 2 or more financial institutions, clearing organizations, or members that provides for netting present or future payment obligations or payment entitlements (including liquidation or close out values relating to such obligations or entitlements) among the parties to the agreement; and (ii) includes the rules of a clearing organization. (B) *Invalid contracts not included* — The term “netting contract” does not include any contract or agreement that is invalid under or precluded by Federal law. (15) **Payment** — The term “payment” means a payment of United States dollars, another currency, or a composite currency, and a noncash delivery, including a payment or delivery to liquidate an unmatured obligation.

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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

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

12 U.S.C. § 191 — Appointment of receiver for a national bank

**(a) In general** The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim))) if the Comptroller determines, in the Comptroller’s discretion, that— (1) 1 or more of the grounds specified in [section 1821(c)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/c/5&num=0&edition=prelim) exist; or (2) the association’s board of directors consists of fewer than 5 members. **(b) Judicial review** If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.

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

7 U.S.C. § 7a–1 — Derivatives clearing organizations

**(a) Registration requirement** (1) **In general** — Except as provided in paragraph (2), it shall be unlawful for a derivatives clearing organization, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the functions of a derivatives clearing organization with respect to— (A) a contract of sale of a commodity for future delivery (or an option on the contract of sale) or option on a commodity, in each case, unless the contract or option is— (i) excluded from this chapter by subsection (a)(1)(C)(i), (c), or (f) of [section 2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2&num=0&edition=prelim); or (ii) a security futures product cleared by a clearing agency registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 ([15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.); or (B) a swap. (2) **Exception** — Paragraph (1) shall not apply to a derivatives clearing organization that is registered with the Commission. **(b) Voluntary registration** A person that clears 1 or more agreements, contracts, or transactions that are not required to be cleared under this chapter may register with the Commission as a derivatives clearing organization. **(c) Registration of derivatives clearing organizations** (1) **Application** — A person desiring to register as a derivatives clearing organization shall submit to the Commission an application in such form and containing such information as the Commission may require for the purpose of making the determinations required for approval under paragraph (2). (2) **Core principles for derivatives clearing

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

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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

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

12 U.S.C. § 1815 — Deposit insurance

**(a) Application to Corporation required** (1) **In general** — Except as provided in paragraphs (2) and (3), any depository institution which is engaged in the business of receiving deposits other than trust funds (as defined in [section 1813(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/p&num=0&edition=prelim)), upon application to and examination by the Corporation and approval by the Board of Directors, may become an insured depository institution. (2) **Interim depository institutions** — In the case of any interim Federal depository institution that is chartered by the appropriate Federal banking agency and will not open for business, the depository institution shall be an insured depository institution upon the issuance of the institution’s charter by the agency. (3) **Application and approval not required in cases of continued insurance** — Paragraph (1) shall not apply in the case of any depository institution whose insured status is continued pursuant to [section 1814 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1814&num=0&edition=prelim). (4) **Review requirements** — In reviewing any application under this subsection, the Board of Directors shall consider the factors described in [section 1816 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1816&num=0&edition=prelim) in determining whether to approve the application for insurance. (5) **Notice of denial of application for insurance** — If the Board of Directors votes to deny any application for insurance by any depository institution, the Board of Directors shall promptly notify the appropriate Federal banking agency and, in the case of any State depository insti

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

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

12 U.S.C. § 1821 — Insurance Funds

**(a) Deposit insurance** (1) **Insured amounts payable** (A) *In general* — The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter. (B) *Net amount of insured deposit* — The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3). (C) *Aggregation of deposits* — For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i&num=0&edition=prelim) or any funds described in [section 1817(i)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i/3&num=0&edition=prelim). (D) *Coverage for certain employee benefit plan deposits* (i) *Pass-through insurance* — The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan. (ii) *Prohibition on acceptance of benefit plan deposits* — An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits. (iii) *Definitions* — For purposes of this subparagraph, the following definitions shall apply: (I) *Capital standards* — The terms “well ca

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