Deposit-Taking Activity [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5481 (8) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Bureau of Consumer Financial Protection], the term deposit-taking activity means--

“(A) the acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the acceptance of deposits or the maintenance of deposit accounts;

(B) the acceptance of funds, the provision of other services related to the acceptance of funds, or the maintenance of member share accounts by a credit union; or

(C) the receipt of funds or the equivalent thereof, as the Bureau may determine by rule or order, received or held by a covered person (or an agent for a covered person) for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party.”