Banking Institution [Banks & Banking] Law and Legal Definition
Pursuant to 12 USCS § 3902 (2) [Title 12. Banks and Banking; Chapter 40. International Lending Supervision], the term banking institution means--
“(A) (i) an insured bank as defined in section 3(h) of the Federal Deposit Insurance Act [12 USCS § 1813(h)] or any subsidiary of an insured bank;
(ii) an Edge Act corporation organized under section 25(a) of the Federal Reserve Act; and
(iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [12 USCS §§ 601-604a]; and
(B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [12 USCS §§ 3101 et seq.]. The term "banking institution" shall not include a foreign bank.”
