Depository Institution Law and Legal Definition

According to 12 USCS § 461 (1) (A), the term depository institution means--

“(i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [12 USCS § 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 USCS § 1815];

(ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act [12 USCS § 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 USCS § 1815];

(iii) any savings bank as defined in section 3 of the Federal Deposit Insurance Act [12 USCS § 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 USCS § 1815];

(iv) any insured credit union as defined in section 101 of the Federal Credit Union Act [12 USCS § 1752] or any credit union which is eligible to make application to become an insured credit union pursuant to section 201 of such Act [12 USCS § 1781];

(v) any member as defined in section 2 of the Federal Home Loan Bank Act [12 USCS § 1422];

(vi) any savings association (as defined in section 3 of the Federal Deposit Insurance Act [12 USCS § 1813]) which is an insured depository institution (as defined in such Act) or is eligible to apply to become an insured depository institution under the Federal Deposit Insurance Act; and

(vii) for the purpose of section 13 and the fourteenth paragraph of section 16 [12 USCS §§ 248-1, 342-347, 347c, 347d, and 372], any association or entity which is wholly owned by or which consists only of institutions referred to in clauses (i) through (vi).