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Federal Deposit Insurance Act

12 USC 1811 et seq.; 64 Stat. 873 (September 21, 1950)
1-335
SECTION 3—Definitions
As used in this Act—
(a) (1) The term “bank”
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia.
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
(3) The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
[12 USC 1813(a). As amended by acts of Aug. 1, 1956 (70 Stat. 908); Dec. 26, 1981 (95 Stat. 1513); Oct. 15, 1982 (96 Stat. 1473); Aug. 9, 1989 (103 Stat. 190); Oct. 30, 2004 (118 Stat. 2231); Feb. 15, 2006 (119 Stat. 3610); and Oct. 13, 2006 (120 Stat. 2002).*]
1-335.1
(b) (1) The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under section 5 of the Home Owners’ Loan Act.
(3) The term “State savings association” means—
(A) any building and loan association, savings and loan association, or homestead association; or
(B) any cooperative bank (other than a cooperative bank which is a State bank as defined in subsection (a)(2)),
which is organized and operating according to the laws of the State (as defined in subsection (a)(3)) in which it is chartered or organized.
[12 USC 1813(b). As amended by acts of Aug. 9, 1989 (103 Stat. 190) and July 21, 2010 (124 Stat. 1550).]
1-335.2
(c) (1) The term “depository institution” means any bank or savings association.
(2) The term “insured depository institution” means any bank or savings association the deposits of which are insured by the Corporation pursuant to this Act.
(3) The term “insured depository institution” includes any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank for purposes of section 8 of this Act.
(4) The term “Federal depository institution” means any national bank, any Federal savings association, and any Federal branch.
(5) The term “State depository institution” means any State bank, any State savings association, and any insured branch which is not a Federal branch.
[12 USC 1813(c). As amended by act of Aug. 9, 1989 (103 Stat. 191).]
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1-335.3
(g) 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.
[12 USC 1813(g). As amended by act of Aug. 10, 1987 (101 Stat. 563).]
(h) 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 chapter; and the term “noninsured bank” means any bank the deposits of which are not so insured.
[12 USC 1813(h). As amended by act of Sept. 17, 1978 (92 Stat. 614, 615).]
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1-335.4
(l) The term “deposit” means—
(1) the unpaid balance of money or its equivalent received or held by a bank in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank, or a letter of credit or a traveler’s check on which the bank is primarily liable: Provided, That, without limiting the generality of the term “money or its equivalent”, any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for checks or drafts or for a promissory note upon which the person obtaining any such credit or instrument is primarily or secondarily liable, or for a charge against a deposit account, or in settlement of checks, drafts, or other instruments forwarded to such bank for collection,
(2) trust funds as defined in this Act received or held by such bank, whether held in the trust department or held or deposited in any other department of such bank,
(3) money received or held by a bank, or the credit given for money or its equivalent received or held by a bank, in the usual course of business for a special or specific purpose, regardless of the legal relationship thereby established, including without being limited to, escrow funds, funds held as security for an obligation due to the bank or others (including funds held as dealers reserves) or for securities loaned by the bank, funds deposited by a debtor to meet maturing obligations, funds deposited as advance payment on subscriptions to United States Government securities, funds held for distribution or purchase of securities, funds held to meet its acceptances or letters of credit, and withheld taxes: Provided, That there shall not be included funds which are received by the bank for immediate application to the reduction of an indebtedness to the receiving bank, or under condition that the receipt thereof immediately reduces or extinguishes such an indebtedness,
(4) outstanding draft (including advice or authorization to charge a bank’s balance in another bank), cashier’s check, money order, or other officer’s check issued in the usual course of business for any purpose, including without being limited to those issued in payment for services, dividends, or purchases, and
(5) such other obligations of a bank as the Board of Directors, after consultation with the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, shall find and prescribe by regulation to be deposit liabilities by general usage, except that the following shall not be a deposit for any of the purposes of this Act or be included as part of the total deposits or of an insured deposit:
(A) any obligation of a depository institution which is carried on the books and records of an office of such bank or savings association located outside of any State, unless—
(i) such obligation would be a deposit if it were carried on the books and records of the depository institution, and would be payable at, an office located in any State;
(ii) the contract evidencing the obligation provides by express terms, and not by implication, for payment at an office of the depository institution located in any State;
(B) any international banking facility deposit, including an international banking facility time deposit, as such term is from time to time defined by the Board of Governors of the Federal Reserve System in regulation D or any successor regulation issued by the Board of Governors of the Federal Reserve System; and
(C) any liability of an insured depository institution that arises under an annuity contract, the income of which is tax deferred under section 72 of the Internal Revenue Code of 1986.
[12 USC 1813(l). As amended by acts of July 14, 1952 (66 Stat. 605); Aug. 1, 1956 (70 Stat. 908); July 14, 1960 (74 Stat. 546); Dec. 31, 1970 (84 Stat. 1811); Dec. 26, 1981 (95 Stat. 1513); Oct. 15, 1982 (96 Stat. 1539); Sept. 23, 1994 (108 Stat. 2229, 2288); and Sept. 30, 1996 (110 Stat. 3009-478).]
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(q) Appropriate Federal banking agency. The term “appropriate Federal banking agency” means—
(1) the Office of the Comptroller of the Currency, in the case of—
(A) any national banking association;
(B) any Federal branch or agency of a foreign bank; and
(C) any Federal savings association;
(2) the Federal Deposit Insurance Corporation, in the case of—
(A) any State nonmember insured bank;
(B) any foreign bank having an insured branch; and
(C) any State savings association;*
(3) the Board of Governors of the Federal Reserve System, in the case of—
(A) any State member bank;
(B) any branch or agency of a foreign bank with respect to any provision of the Federal Reserve Act which is made applicable under the International Banking Act of 1978;
(C) any foreign bank which does not operate an insured branch;
(D) any agency or commercial lending company other than a Federal agency;
(E) supervisory or regulatory proceedings arising from the authority given to the Board of Governors under section 7(c)(1) of the International Banking Act of 1978, including such proceedings under the Financial Institutions Supervisory Act of 1966;
(F) any bank holding company and any subsidiary (other than a depository institution) of a bank holding company; and
(G) any savings and loan holding company and any subsidiary (other than a depository institution) of a savings and loan holding company.
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.
[12 USC 1813(q). As added by act of Oct. 16, 1966 (80 Stat. 1046), and amended by acts of Dec. 31, 1970 (84 Stat. 1811); Sept. 17, 1978 (92 Stat. 614); Oct. 15, 1982 (96 Stat. 1473); Aug. 9, 1989 (103 Stat. 192); Sept. 23, 1994 (108 Stat. 2288); Oct. 30, 2004 (118 Stat. 2231); and July 21, 2010 (124 Stat. 1522).]
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(s) Definitions relating to foreign banks and branches.
(1) The term “foreign bank” has the meaning given to such term by section 1(b)(7) of the International Banking Act of 1978.
(2) The term “Federal branch” has the meaning given to such term by section 1(b)(6) of the International Banking Act of 1978.
(3) The term “insured branch” means any branch (as defined in section 1(b)(3) of the International Banking Act of 1978) of a foreign bank any deposits in which are insured pursuant to this Act.
[12 USC 1813(s). As added by act of Sept. 17, 1978 (92 Stat. 615) and amended by act of Dec. 19, 1991 (105 Stat. 2242).]
1-336.1
(u) The term “institution-affiliated party” means—
(1) any director, officer, employee, or controlling stockholder (other than a bank holding company or savings and loan holding company) of, or agent for, an insured depository institution;
(2) any other person who has filed or is required to file a change-in-control notice with the appropriate Federal banking agency under section 7(j);
(3) any shareholder (other than a bank holding company or savings and loan holding company), consultant, joint venture partner, and any other person as determined by the appropriate Federal banking agency (by regulation or case-by-case) who participates in the conduct of the affairs of an insured depository institution; and
(4) any independent contractor (including any attorney, appraiser, or accountant) who knowingly or recklessly participates in—
(A) any violation of any law or regulation;
(B) any breach of fiduciary duty; or
(C) any unsafe or unsound practice,
which caused or is likely to cause more than a minimal financial loss to, or a significant adverse effect on, the insured depository institution.
[12 USC 1813(u). As added by act of Aug. 9, 1989 (103 Stat. 193), and amended by act of July 21, 2010 (124 Stat. 1523).]
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1-336.2
(w) (1) The term “depository institution holding company” means a bank holding company or a savings and loan holding company.
[12 USC 1813(w)(1). As added by act of Aug. 9, 1989 (103 Stat. 193).]
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(y) Definitions relating to Deposit Insurance Fund.
(1) The term “Deposit Insurance Fund” means the Deposit Insurance Fund established under section 11(9)(4).
(2) The term “designated reserve ratio” means the reserve ratio designated by the Board of Directors in accordance with section 7(b)(3).
(3) The term “reserve ratio”, when used with regard to the Deposit Insurance Fund other than in connection with a reference to the designated reserve ratio, means the ratio of the net worth of the Deposit Insurance Fund to the value of the aggregate estimated insured deposits, or such comparable percentage of the assessment base set forth in section 7(b)(2)(C).
[12 USC 1813(y). As added by act of Dec. 19, 1991 (105 Stat. 2267) and amended by acts of Feb. 15, 2006 (119 Stat. 3606, 3610); Feb. 8, 2006 (120 Stat. 19); and July 21, 2010 (124 Stat. 1539).]
(z) 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.
[12 USC 1813(z). As added by act of Dec. 19, 1991 (105 Stat. 2355) and amended by act of Dec. 17, 1993 (107 Stat. 2404).]

*
An identical amendment was made by act of Oct. 16, 2006 (120 Stat. 2029).
*
So in original. Probably should be followed by “and”.
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