applicable financial entity
Defined in 1 place of the United States Code.
The term “applicable financial entity” means—
(A) any financial institution described in section 581 or 591(a) and any credit union,
(B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing, and
(C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A).
Source
- 1994–199926 U.S.C. § 6050PInternal Revenue Code · Returns relating to the cancellation of indebtedness by certain entities · for purposes of this section
The term “applicable financial entity” means—
(A) any financial institution described in section 581 or 591(a) and any credit union,
(B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing,
(C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A), and
(D) any organization a significant trade or business of which is the lending of money.
Source
- 1999–present26 U.S.C. § 6050PInternal Revenue Code · Returns relating to the cancellation of indebtedness by certain entities · for purposes of this section