FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 3. DEFINITIONS
(a) Definitions of Bank and Related Terms.--
[Codified to 12 U.S.C. 1813(a)]
[Source: Section 2[3(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by section 3(a) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; section 910(a) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1811), effective December 31, 1970; section 103 of title I of the Act of December 26, 1981 (Pub. L. No. 97--110; 95 Stat. 1513), effective December 26, 1981; section 703(a) of title VII of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1538), effective October 15, 1982; and section 204(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat 190), effective August 9, 1989; section 8(a)(1)(A) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2231, effective October 30, 2004; section 8(a)(1) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3610), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005; section 123(d) of title I of the Act of October 16, 2006 (Pub. L. No. 109--356; 120 Stat. 2029; section 725(d) of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 2002]
(b) Definition of Savings Associations and Related Terms.
which is organized and operating according to the laws of the State (as defined in subsection (a)(3) of this section) in which it is chartered or organized.
[Codified to 12 U.S.C. 1813(b)]
[Source: Section 2[3(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by section 204(b) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 190), effective August 9, 1989; section 363(1)(A) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1550), effective July 21, 2010]
(c) Definitions Relating to Depository Institutions.--
[Codified to 12 U.S.C. 1813(c)]
[Source: Section 2[3(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by section 204(c) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 191), effective August 9, 1989]
(d) Definitions Relating to Member Banks.--
[Codified to 12 U.S.C. 1813(d)]
[Source: Section 2[3(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 3(b) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; section 910(b) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1811), effective December 31, 1970; and section 204(d) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 191), effective August 9, 1989]
(e) Definitions Relating to Nonmember Banks.--
[Codified to 12 U.S.C. 1813(e)]
[Source: Section 2[3(e)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 3(b) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; section 910(c) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1811), effective December 31, 1970; and section 204(e) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 191), effective August 9, 1989]
(f) Mutual Savings Bank.--The term "mutual savings bank" means a bank without capital stock transacting a savings bank business, the net earnings of which inure wholly to the benefit of its depositors after payment of obligations for any advances by its organizers.
[Codified to 12 U.S.C. 1813(f)]
[Source: Section 2[3(f)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950]
(g) Savings Bank.--The term "savings bank" means a bank (including a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of conducting their business.
[Codified to 12 U.S.C. 1813(g)]
[Source: Section 2[3(g)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 101(g) of title I of the Act of August 10, 1987 (Pub. L. No. 100--86; 101 Stat. 563), effective August 10, 1987]
(h) Insured Bank.--The term "insured bank" means any bank (including a foreign bank having an insured branch) the deposits of which are insured in accordance with the provisions of this Act; and the term "noninsured bank" means any bank the deposits of which are not so insured.
[Codified to 12 U.S.C. 1813(h)]
[Source: Section 2[3(h)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 6(c)(2) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 614), effective September 17, 1978]
(i) New Depository Institution and Bridge Depository Institution Defined.
[Codified to 12 U.S.C. 1813(i)]
[Source: Section 2[3(i)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 503(b) of title V of the Act of August 10, 1987 (Pub. L. No. 100--86; 101 Stat. 632), effective August 10, 1987; section 1606(g)(2) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4089), effective October 28, 1992; section 602(a)(1)(A) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2288), effective September 23, 1994; section 1604(b)(1)(A) of title VII of the Act of July 30, 2008 (Pub. L. No. 110--289; 122 Stat, 2829), effective July 30, 2008]
(j) Receiver.--The term "receiver" includes a receiver, liquidating agent, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a bank or savings association or of a branch of a foreign bank.
[Codified to 12 U.S.C. 1813(j)]
[Source: Section 2[3(j)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by section 6(c)(3) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 614), effective September 17, 1978; and section 204(f)(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 191), effective August 9, 1989]
(k) Board of Directors.--The term "Board of Directors" means the Board of Directors of the Corporation.
[Codified to 12 U.S.C. 1813(k)]
[Source: Section 2[3(k)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950]
(l) Deposit.--The term "deposit" means--
[Codified to 12 U.S.C. 1813(l)]
[Source: Section 2[3(l)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 874), effective September 21, 1950, as amended by the Act of July 14, 1952 (Pub. L. No. 533; 66 Stat. 605), effective July 14, 1952; section 3(c) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; section 1 of the Act of July 14, 1960 (Pub. L. No. 86--671; 74 Stat. 546), effective January 1, 1961; section 910(d) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1811), effective December 31, 1970; section 102 of title I of the Act of December 26, 1981 (Pub. L. No. 97--110; 95 Stat. 1513), effective December 26, 1981; section 703(b) of title VII of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1539), effective October 15, 1982; section 204(f)(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 191), effective August 9, 1989; section 326(b)(2) of title III and section 602(a)(1)(B) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2229 and 2288, respectively), effective September 23, 1994; section 2614(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--478), effective September 30, 1996; section 363(1)(B) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1550), effective July 21, 2010]
(m) Insured Deposit.--
[Codified to 12 U.S.C. 1813(m)]
[Source: Section 2[3(m)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by section 3(d) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; sections 301(a) and 303(a) of title III of the Act of October 16, 1966 (Pub. L. No. 89--695; 80 Stat. 1055, 1056), effective October 16, 1966; section 7(a)(1) of title I of the Act of December 23, 1969 (Pub. L. No. 91--151; 83 Stat. 375), effective December 23, 1969; section 910(e) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1812), effective December 31, 1970; sections 101(a)(1) and 102(a)(1) of title I of the Act of October 28, 1974 (Pub. L. No. 93--495; 88 Stat. 1500, 1502), effective November 27, 1974; section 6(c)(4) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 614), effective September 17, 1978; section 308 of title III of the Act of March 31, 1980 (Pub. L. No. 96--221; 94 Stat. 147), effective March 31, 1980; section 103 of title I of the Act of December 26, 1981 (Pub. L. No. 97--110; 95 Stat. 1513), effective December 26, 1981; sections 201(a) and 204(f)(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 192), effective August 9, 1989; section 141(f) of title I and section 311(b)(5)(A) of title III of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2278 and 2366, respectively), effective December 19, 1991]
(n) Transferred Deposit.--The term "transferred deposit" means a deposit in a new bank or other insured depository institution made available to a depositor by the Corporation as payment of the insured deposit of such depositor in a closed bank, and assumed by such new bank or other insured depository institution.
[Codified to 12 U.S.C. 1813(n)]
[Source: Section 2[3(n)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989]
(o) Domestic Branch.--The term "domestic branch" includes any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State of the United States or in any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands at which deposits are received or checks paid or money lent. The term "domestic branch" does not include an automated teller machine or a remote service unit. The term "foreign branch" means any office or place of business located outside the United States, its territories, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands, at which banking operations are conducted.
[Codified to 12 U.S.C. 1813(o)]
[Source: Section 2[3(o)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by section 3(b) of the Act of August 1, 1956 (Pub. L. No. 896; 70 Stat. 908), effective August 1, 1956; section 910(f) of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1812), effective December 31, 1970; section 301(a) of title III of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3675), effective March 10, 1979; section 103 of title I of the Act of December 26, 1981 (Pub. L. No. 97--110; 95 Stat. 1514), effective December 26, 1981; section 2205(b) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--405), effective September 30, 1996]
(p) Trust Funds.--The term "trust funds" means funds held by an insured depository institution in a fiduciary capacity and includes, without being limited to, funds held as trustee, executor, administrator, guardian, or agent.
[Codified to 12 U.S.C. 1813(p)]
[Source: Section 2[3(p)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989]
(q) Appropriate Federal Banking Agency.--The term "appropriate Federal banking agency" means--
Under the rule set forth in this subsection, more than one agency may be an appropriate Federal banking agency with respect to any given institution.
[Codified to 12 U.S.C. 1813(q)]
[Source: Section 2[3(q)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 201 of title II of the Act of October 16, 1966 (Pub. L. No. 89--695; 80 Stat. 1046), effective October 16, 1966, and as amended by section 6(c)(5) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 615), effective September 17, 1978; section 113(a) of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective October 15, 1982; sections 201 and 204(f)(4) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 192), effective August 9, 1989; section 602(a)(1)(C) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2288), effective September 23, 1994; section 8(a)(1)(C), (D) and (E) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2231), effective October 30, 2004; section 312(c) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1522), effective July 21, 2010]
(r) State Bank Supervisor.--
[Codified to 12 U.S.C. 1813(r)]
[Source: Section 2[3(r)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 6(c)(6) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 615), effective September 17, 1978; as amended at section 1603(b)(2)(B) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4079), effective December 19, 1991]
(s) Definitions Relating to Foreign Banks and Branches.--
[Codified to 12 U.S.C. 1813(s)]
[Source: Section 2[3(s)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 6(c)(6) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 615), effective September 17, 1978; as amended by section 111(e) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2242), effective December 19, 1991]
(t) Includes, Including.--
[Codified to 12 U.S.C. 1813(t)]
[Source: Section 2[3(t)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 113(b) of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective October 15, 1982, and as amended by section 204(f)(5) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 192), effective August 9, 1989]
(u) Institution-Affiliated Party.--The term "institution-affiliated party" means--
which caused or is likely to cause more than a minimal financial loss to, or a significant adverse effect on, the insured depository institution.
[Codified to 12 U.S.C. 1813(u)]
[Source: Section 2[3(u)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 204(f)(6) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 193), effective August 9, 1989; amended by P.L. 111--203, July 21, 2010]
(v) Violation.--The term "violation" includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.
[Codified to 12 U.S.C. 1813(v)]
[Source: Section 2[3(v)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 204(f)(6) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 193), effective August 9, 1989]
(w) Definitions Relating to Affiliates of Depository Institutions.--
[Codified to 12 U.S.C. 1813(w)]
[Source: Section 2[3(w)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 204(f)(6) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 193), effective August 9, 1989; as amended by section 161(c) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2286), effective December 19, 1991; section 19(b)(2) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2404), effective December 17, 1993]
(x) Definitions Relating to Default.--
[Codified to 12 U.S.C. 1813(x)]
[Source: Section 2[3(x)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 204(f)(6) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 193), effective August 9, 1989]
(y) Definitions Relating to Deposit Insurance Fund.--(1) "Deposit Insurance Fund" means the Deposit Insurance Fund established under section 11(a)4.
[Codified to 12 U.S.C. 1813(y)]
[Source: Section 2[3(y)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 131(c)(3) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2266), effective December 19, 1992; section 4(a) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3606), effective date shall take effect on the date that the final regulations required under section 2109(a)(1), of the Federal Deposit Insurance Reform Act of 2005 take effect; as amended by section 334(b) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1539), effective July 21, 2010]
(z) Federal Banking Agency.--The term "Federal banking agency" means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation.
[Codified to 12 U.S.C. 1813(z)]
[Source: Section 2[3(z)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305(c) of title III of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2355), effective December 19, 1991; as amended by section 19(b)(1) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2404), effective December 17, 1993; ; section 363(1)(C) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1550), effective July 21, 2010]
NOTES
Derivation. Sections 3(a)-(o) derive from section 12B(c) of the Federal Reserve Act, as added by section 101[12B(c)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 684), effective August 23, 1935. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873) effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."
Section 3(p) was enacted by section 2[3(p)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950.
Section 3(q) was added by section 201 of title II of the Act of October 16, 1966 (Pub. L. No. 89-695; 80 Stat. 1046), effective October 16, 1966. It was originally effective only during the period ending at the close of June 30, 1972. It was made "permanent" law by section 908 of title IX of the Act of December 31, 1970 (Pub. L. No. 91--609; 84 Stat. 1811), effective December 31, 1970.
Sections 3(r)-(s) were added by section 6(c)(6) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 615), effective September 17, 1978.
Section 3(t) derives from section 113(b) of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective October 15, 1982.
Sections 3(u)-(x) were added by section 204(f)(6) of the Act of August 9, 1989, known as the "FIRRE Act", (Pub. L. No. 101--73; 101 Stat. 193), effective August 9, 1989.
Section 3(y) was added by section 131(c)(3) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2266, effective December 19, 1992, and section 3(z) derives from section 305(c) of title III of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2355), effective December 19, 1991.
*Editor's Note: Section 2614 of title II of the Act of
September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--478) reads as
follows:
"(b) EFFECTIVE DATE.--The amendments made by
subsection (a) [enactment of this subparagraph (C)] shall apply to
any liability of an insured depository that arises under an annuity
contract issued on or after the date of the enactment of this
Act." Go back to Text