12 U.S.C. § 5301 — Definitions

Page 1831 TITLE 12—BANKS AND BANKING § 5301 1 See References in Text note below. Sec. 5532. Disclosures. 5533. Consumer rights to access information. 5534. Response to consumer complaints and inquir- ies. 5535. Private Education Loan Ombudsman. 5536. Prohibited acts. 5537. Senior investor protections. 5538. Mortgage loans; rulemaking procedures; en- forcement. PART D—PRESERVATION OF STATE LAW 5551. Relation to State law. 5552. Preservation of enforcement powers of States. 5553. Preservation of existing contracts. PART E—ENFORCEMENT POWERS 5561. Definitions. 5562. Investigations and administrative discovery. 5563. Hearings and adjudication proceedings. 5564. Litigation authority. 5565. Relief available. 5566. Referrals for criminal proceedings. 5567. Employee protection. PART F—TRANSFER OF FUNCTIONS AND PERSONNEL; TRANSITIONAL PROVISIONS 5581. Transfer of consumer financial protection functions. 5582. Designated transfer date. 5583. Savings provisions. 5584. Transfer of certain personnel. 5585. Incidental transfers. 5586. Interim authority of the Secretary. 5587. Transition oversight. PART G—REGULATORY IMPROVEMENTS 5601. Remittance transfers. 5602. Reverse mortgage study and regulations. 5603. Review, report, and program with respect to exchange facilitators. SUBCHAPTER VI—FEDERAL RESERVE SYSTEM PROVISIONS 5611. Liquidity event determination. 5612. Emergency financial stabilization. 5613. Additional related matters. 5614. Exercise of Federal Reserve authority. SUBCHAPTER VII—IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS 5621. Purpose. 5622. Definitions. 5623. Expanded access to mainstream financial in- stitutions. 5624. Low-cost alternatives to small dollar loans. 5625. Procedural provisions. 5626. Authorization of appropriations. 5627. Regulations. 5628. Evaluation and reports to Congress. SUBCHAPTER VIII—MISCELLANEOUS 5641. Enhanced compensation structure reporting. § 5301. Definitions As used in this Act, the following definitions shall apply, except as the context otherwise re- quires or as otherwise specifically provided in this Act: (1) Affiliate The term ‘‘affiliate’’ has the same meaning as in section 1813 of this title. (2) Appropriate Federal banking agency On and after the transfer date, the term ‘‘ap- propriate Federal banking agency’’ has the same meaning as in section 1813(q) of this title, as amended by title III.1 (3) Board of Governors The term ‘‘Board of Governors’’ means the Board of Governors of the Federal Reserve System. (4) Bureau The term ‘‘Bureau’’ means the Bureau of Consumer Financial Protection established under title X.1 (5) Commission The term ‘‘Commission’’ means the Securi- ties and Exchange Commission, except in the context of the Commodity Futures Trading Commission. (6) Commodity futures terms The terms ‘‘futures commission merchant’’, ‘‘swap’’, ‘‘swap dealer’’, ‘‘swap execution facil- ity’’, ‘‘derivatives clearing organization’’, ‘‘board of trade’’, ‘‘commodity trading advi- sor’’, ‘‘commodity pool’’, and ‘‘commodity pool operator’’ have the same meanings as given the terms in section 1a of the Com- modity Exchange Act (7 U.S.C. 1 et seq.) [7 U.S.C. 1a]. (7) Corporation The term ‘‘Corporation’’ means the Federal Deposit Insurance Corporation. (8) Council The term ‘‘Council’’ means the Financial Stability Oversight Council established under subchapter I. (9) Credit union The term ‘‘credit union’’ means a Federal credit union, State credit union, or State- chartered credit union, as those terms are de- fined in section 1752 of this title. (10) Federal banking agency The term— (A) ‘‘Federal banking agency’’ means, indi- vidually, the Board of Governors, the Office of the Comptroller of the Currency, and the Corporation; and (B) ‘‘Federal banking agencies’’ means all of the agencies referred to in subparagraph (A), collectively. (11) Functionally regulated subsidiary The term ‘‘functionally regulated sub- sidiary’’ has the same meaning as in section 1844(c)(5) of this title. (12) Primary financial regulatory agency The term ‘‘primary financial regulatory agency’’ means— (A) the appropriate Federal banking agen- cy, with respect to institutions described in section 1813(q) of this title, except to the ex- tent that an institution is or the activities of an institution are otherwise described in subparagraph (B), (C), (D), or (E); (B) the Securities and Exchange Commis- sion, with respect to— (i) any broker or dealer that is registered with the Commission under the Securities Page 1832 TITLE 12—BANKS AND BANKING § 5301 Exchange Act of 1934 [15 U.S.C. 78a et seq.], with respect to the activities of the broker or dealer that require the broker or dealer to be registered under that Act; (ii) any investment company that is reg- istered with the Commission under the In- vestment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], with respect to the activities of the investment company that require the investment company to be registered under that Act; (iii) any investment adviser that is reg- istered with the Commission under the In- vestment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], with respect to the invest- ment advisory activities of such company and activities that are incidental to such advisory activities; (iv) any clearing agency registered with the Commission under the Securities Ex- change Act of 1934, with respect to the ac- tivities of the clearing agency that require the agency to be registered under such Act; (v) any nationally recognized statistical rating organization registered with the Commission under the Securities Ex- change Act of 1934; (vi) any transfer agent registered with the Commission under the Securities Ex- change Act of 1934; (vii) any exchange registered as a na- tional securities exchange with the Com- mission under the Securities Exchange Act of 1934; (viii) any national securities association registered with the Commission under the Securities Exchange Act of 1934; (ix) any securities information processor registered with the Commission under the Securities Exchange Act of 1934; (x) the Municipal Securities Rulemaking Board established under the Securities Ex- change Act of 1934; (xi) the Public Company Accounting Oversight Board established under the Sar- banes-Oxley Act of 2002 (15 U.S.C. 7211 et seq.); (xii) the Securities Investor Protection Corporation established under the Securi- ties Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.); and (xiii) any security-based swap execution facility, security-based swap data reposi- tory, security-based swap dealer or major security-based swap participant registered with the Commission under the Securities Exchange Act of 1934, with respect to the security-based swap activities of the per- son that require such person to be reg- istered under such Act; (C) the Commodity Futures Trading Com- mission, with respect to— (i) any futures commission merchant registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with re- spect to the activities of the futures com- mission merchant that require the futures commission merchant to be registered under that Act; (ii) any commodity pool operator reg- istered with the Commodity Futures Trad- ing Commission under the Commodity Ex- change Act (7 U.S.C. 1 et seq.), with re- spect to the activities of the commodity pool operator that require the commodity pool operator to be registered under that Act, or a commodity pool, as defined in that Act; (iii) any commodity trading advisor or introducing broker registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activi- ties of the commodity trading advisor or introducing broker that require the com- modity trading adviser or introducing broker to be registered under that Act; (iv) any derivatives clearing organiza- tion registered with the Commodity Fu- tures Trading Commission under the Com- modity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the deriva- tives clearing organization that require the derivatives clearing organization to be registered under that Act; (v) any board of trade designated as a contract market by the Commodity Fu- tures Trading Commission under the Com- modity Exchange Act (7 U.S.C. 1 et seq.); (vi) any futures association registered with the Commodity Futures Trading Commission under the Commodity Ex- change Act (7 U.S.C. 1 et seq.); (vii) any retail foreign exchange dealer registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with re- spect to the activities of the retail foreign exchange dealer that require the retail for- eign exchange dealer to be registered under that Act; (viii) any swap execution facility, swap data repository, swap dealer, or major swap participant registered with the Com- modity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.) with respect to the swap activities of the person that require such person to be registered under that Act; and (ix) any registered entity under the Com- modity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the reg- istered entity that require the registered entity to be registered under that Act; (D) the State insurance authority of the State in which an insurance company is domiciled, with respect to the insurance ac- tivities and activities that are incidental to such insurance activities of an insurance company that is subject to supervision by the State insurance authority under State insurance law; and (E) the Federal Housing Finance Agency, with respect to Federal Home Loan Banks or the Federal Home Loan Bank System, and with respect to the Federal National Mort- gage Association or the Federal Home Loan Mortgage Corporation. Page 1833 TITLE 12—BANKS AND BANKING § 5301 (13) Prudential standards The term ‘‘prudential standards’’ means en- hanced supervision and regulatory standards developed by the Board of Governors under section 5365 of this title. (14) Secretary The term ‘‘Secretary’’ means the Secretary of the Treasury. (15) Securities terms The— (A) terms ‘‘broker’’, ‘‘dealer’’, ‘‘issuer’’, ‘‘nationally recognized statistical rating or- ganization’’, ‘‘security’’, and ‘‘securities laws’’ have the same meanings as in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c); (B) term ‘‘investment adviser’’ has the same meaning as in section 202 of the Invest- ment Advisers Act of 1940 (15 U.S.C. 80b–2); and (C) term ‘‘investment company’’ has the same meaning as in section 3 of the Invest- ment Company Act of 1940 (15 U.S.C. 80a–3). (16) State The term ‘‘State’’ means any State, com- monwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Common- wealth of the Northern Mariana Islands, American Samoa, Guam, or the United States Virgin Islands. (17) Transfer date The term ‘‘transfer date’’ means the date es- tablished under section 5411 of this title. (18) Other incorporated definitions (A) Federal Deposit Insurance Act The terms ‘‘bank’’, ‘‘bank holding com- pany’’, ‘‘control’’, ‘‘deposit’’, ‘‘depository in- stitution’’, ‘‘Federal depository institution’’, ‘‘Federal savings association’’, ‘‘foreign bank’’, ‘‘including’’, ‘‘insured branch’’, ‘‘in- sured depository institution’’, ‘‘national member bank’’, ‘‘national nonmember bank’’, ‘‘savings association’’, ‘‘State bank’’, ‘‘State depository institution’’, ‘‘State mem- ber bank’’, ‘‘State nonmember bank’’, ‘‘State savings association’’, and ‘‘sub- sidiary’’ have the same meanings as in sec- tion 1813 of this title. (B) Holding companies The term— (i) ‘‘bank holding company’’ has the same meaning as in section 1841 of this title; (ii) ‘‘financial holding company’’ has the same meaning as in section 1841(p) of this title; and (iii) ‘‘savings and loan holding company’’ has the same meaning as in section 1467a(a) of this title. (Pub. L. 111–203, § 2, July 21, 2010, 124 Stat. 1386.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which en- acted 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 sec- tions and notes in the Code. For complete classification of this Act to the Code, see Short Title note below and Tables. Title III, referred to in par. (2), is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520. Section 312(c)(1) of title III of Pub. L. 111–203 amended section 1813(q) of this title. Title X, referred to in par. (4), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Con- sumer Financial Protection Act of 2010, which enacted subchapter V (§ 5481 et seq.) of this chapter, and en- acted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note below and Ta- bles. Subchapter I, referred to in par. (8), was in the origi- nal ‘‘title I’’, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, known as the Financial Stability Act of 2010, which is classified principally to subchapter I (§ 5311 et seq.) of this chapter. For complete classifica- tion of title I to the Code, see Short Title note below and Tables. The Securities Exchange Act of 1934, referred to in par. (12)(B), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables. The Investment Company Act of 1940, referred to in par. (12)(B)(ii), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. The Investment Advisers Act of 1940, referred to in par. (12)(B)(iii), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80b–20 of Title 15 and Tables. The Sarbanes-Oxley Act of 2002, referred to in par. (12)(B)(xi), is Pub. L. 107–204, July 30, 2002, 116 Stat. 745, which is classified principally to chapter 98 (§ 7201 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 7201 of Title 15 and Tables. The Securities Investor Protection Act of 1970, re- ferred to in par. (12)(B)(xii), is Pub. L. 91–598, Dec. 30, 1970, 84 Stat. 1636, which is classified generally to chap- ter 2B–1 (§ 78aaa et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78aaa of Title 15 and Tables. The Commodity Exchange Act, referred to in par. (12)(C), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 111–203, § 4, July 21, 2010, 124 Stat. 1390, pro- vided that: ‘‘Except as otherwise specifically provided in this Act [see Short Title note below] or the amend- ments made by this Act, this Act and such amendments shall take effect 1 day after the date of enactment of this Act [July 21, 2010].’’ SHORT TITLE OF 2017 AMENDMENT Pub. L. 115–61, § 1, Sept. 27, 2017, 131 Stat. 1158, pro- vided that: ‘‘This Act [amending section 5321 of this title] may be cited as the ‘Financial Stability Over- sight Council Insurance Member Continuity Act’.’’ SHORT TITLE OF 2014 AMENDMENT Pub. L. 113–279, § 1, Dec. 18, 2014, 128 Stat. 3017, pro- vided that: ‘‘This Act [amending section 5371 of this Page 1834 TITLE 12—BANKS AND BANKING § 5302 title] may be cited as the ‘Insurance Capital Standards Clarification Act of 2014’.’’ Pub. L. 113–173, § 1, Sept. 26, 2014, 128 Stat. 1899, pro- vided that: ‘‘This Act [amending section 5514 of this title] may be cited as the ‘Examination and Super- visory Privilege Parity Act of 2014’.’’ SHORT TITLE Pub. L. 111–203, § 1(a), July 21, 2010, 124 Stat. 1376, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Dodd-Frank Wall Street Reform and Consumer Protection Act’.’’ Pub. L. 111–203, title I, § 101, July 21, 2010, 124 Stat. 1391, provided that: ‘‘This title [enacting subchapter I of this chapter and amending sections 1818, 1820, 1833b, and 3105 of this title, sections 3132 and 5314 of Title 5, Government Organization and Employees, and section 78o of Title 15, Commerce and Trade] may be cited as the ‘Financial Stability Act of 2010’.’’ Pub. L. 111–203, title III, § 300, July 21, 2010, 124 Stat. 1520, provided that: ‘‘This title [enacting subchapter III of this chapter and sections 4b and 16 of this title, amending sections 1, 11, 248, 461, 481, 482, 1438, 1462 to 1464, 1466a to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, sections 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Proce- dure, sections 321 and 714 of Title 31, Money and Fi- nance, sections 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, repealing section 1441a of this title, enacting provisions set out as notes under sec- tions 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amending provisions set out as notes under sections 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title and section 509 of Title 28, Judici- ary and Judicial Procedure] may be cited as the ‘En- hancing Financial Institution Safety and Soundness Act of 2010’.’’ Pub. L. 111–203, title VIII, § 801, July 21, 2010, 124 Stat. 1802, provided that: ‘‘This title [enacting subchapter IV of this chapter] may be cited as the ‘Payment, Clear- ing, and Settlement Supervision Act of 2010’.’’ Pub. L. 111–203, title X, § 1001, July 21, 2010, 124 Stat. 1955, provided that: ‘‘This title [see Tables for classi- fication] may be cited as the ‘Consumer Financial Pro- tection Act of 2010’.’’ Pub. L. 111–203, title XII, § 1201, July 21, 2010, 124 Stat. 2129, provided that: ‘‘This title [enacting subchapter VII of this chapter and section 4719 of this title] may be cited as the ‘Improving Access to Mainstream Fi- nancial Institutions Act of 2010’.’’ Executive Documents EXECUTIVE ORDER NO. 13772 Ex. Ord. No. 13772, Feb. 3, 2017, 82 F.R. 9965, which set out Core Principles for regulating the United States fi- nancial system, was revoked by Ex. Ord. No. 14018, § 1, Feb. 24, 2021, 86 F.R. 11855. § 5302. Severability If any provision of this Act, an amendment made by this Act, or the application of such pro- vision or amendment to any person or cir- cumstance is held to be unconstitutional, the re- mainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby. (Pub. L. 111–203, § 3, July 21, 2010, 124 Stat. 1390.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which en- acted 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 sec- tions 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. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. § 5303. Antitrust savings clause Nothing in this Act, or any amendment made by this Act, shall be construed to modify, im- pair, 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, except that such term includes section 45 of title 15, to the extent that such section 45 applies to unfair methods of competition. (Pub. L. 111–203, § 6, July 21, 2010, 124 Stat. 1390.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which en- acted 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 sec- tions 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. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. SUBCHAPTER I—FINANCIAL STABILITY § 5311. Definitions (a) In general For purposes of this subchapter, unless the context otherwise requires, the following defini- tions 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). 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 et seq.], pursuant to section 3106(a) of this title, shall be treated as a bank holding com- pany for purposes of this subchapter. (2) Chairperson The term ‘‘Chairperson’’ means the Chair- person of the Council.