financial subsidiary
Defined in 3 places of the United States Code.
For purposes of this section and section 371c–1 of this title, the term “financial subsidiary” means any company that is a subsidiary of a bank that would be a financial subsidiary of a national bank under section 24a of this title.
Source
- 1999–present12 U.S.C. § 371CBanks and Banking · Banking affiliates · for purposes of this section
The term “financial subsidiary” has the meaning given the term in section 24a(g) of this title.
Source
- 1999–present12 U.S.C. § 1831WBanks and Banking · Safety and soundness firewalls applicable to financial subsidiaries of banks · for purposes of this section
The term “financial subsidiary” means any company that is controlled by 1 or more insured depository institutions other than a subsidiary that—
(A) engages solely in activities that national banks are permitted to engage in directly and are conducted subject to the same terms and conditions that govern the conduct of such activities by national banks; or
(B) a national bank is specifically authorized by the express terms of a Federal statute (other than this section), and not by implication or interpretation, to control, such as by section 25 or 25A of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.] or the Bank Service Company Act [12 U.S.C. 1861 et seq.].
Source
- 1999–present12 U.S.C. § 24ABanks and Banking · Financial subsidiaries of national banks · for purposes of this section