Application for a Deposit Facility [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 2902 (3) [Title 12. Banks and Banking; Chapter 30. Community Reinvestment], the term application for a deposit facility means “an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for--

(A) a charter for a national bank or Federal savings and loan association;

(B) deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar institution;

(C) the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution;

(D) the relocation of the home office or a branch office of a regulated financial institution;

(E) the merger or consolidation with, or the acquisition of the assets, or the assumption of the liabilities of a regulated financial institution requiring approval under section 18(c) of the Federal Deposit Insurance Act [12 USCS § 1828(c)] or under regulations issued under the authority of title IV of the National Housing Act [former 12 USCS §§ 1724 et seq.]; or

(F) the acquisition of shares in, or the assets of, a regulated financial institution requiring approval under section 3 of the Bank Holding Company Act of 1956 [12 USCS § 1842] or section 408(e) of the National Housing Act [former 12 USCS § 1730a(e)].”