Covered Person [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5481 (6) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Bureau of Consumer Financial Protection], the term covered person means--

“(A) any person that engages in offering or providing a consumer financial product or service; and

(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.”