12 U.S.C. § 5311 | Definitions

(a)

In general

For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:

(1)

Bank holding company

12 U.S.C. 1841 12 U.S.C. 1841 section 3106(a) of this titleThe term “bank holding company” has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 [ et seq.], pursuant to , 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

12 U.S.C. 2001The 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 ( 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

section 5323 of this titleThe term “nonbank financial company supervised by the Board of Governors” means a nonbank financial company that the Council has determined under shall be supervised by the Board of Governors.

(5)

Office of Financial Research

section 5342 of this titleThe term “Office of Financial Research” means the office established under .

(6)

Predominantly engaged

A company is “predominantly engaged in financial activities” if—

(A)

12 U.S.C. 1843(k) 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 []) 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

section 5323(b) of this titleFor purposes of the application of parts A and C (other than ) 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.

Pub. L. 111–203, title I, § 102July 21, 2010124 Stat. 1391 (, , .)

Editorial Notes

References in Text

Pub. L. 111–203July 21, 2010124 Stat. 1391 section 5301 of this titleThis subchapter, referred to in subsecs. (a) and (c), was in the original “this title”, meaning title I of , , , which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under and Tables.

act May 9, 1956, ch. 240 70 Stat. 133 section 1841 of this titleThe Bank Holding Company Act of 1956, referred to in subsec. (a)(1), is , , which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Pub. L. 92–181Dec. 10, 197185 Stat. 583 section 2001 of this titleThe Farm Credit Act of 1971, referred to in subsec. (a)(4)(B), is , , , which is classified principally to chapter 23 (§ 2001 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Pub. L. 111–203July 21, 2010124 Stat. 1420 Part C, referred to in subsec. (c), was in the original “subtitle C”, meaning subtitle C (§§ 161–176) of title I of , , , which is classified principally to part C (§ 5361 et seq.) of this subchapter. For complete classification of subtitle C to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Effective Date

July 21, 2010section 4 of Pub. L. 111–203 section 5301 of this titleSubchapter effective 1 day after , except as otherwise provided, see , set out as a note under .

Short Title

section 5301 of this titleThis subchapter known as the “Financial Stability Act of 2010”, see Short Title note set out under .