Domestic Bank Law and Legal Definition
According to 31 CFR 500.320 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter V -- Office of Foreign Assets Control, Department of the Treasury; Part 500 -- Foreign Assets Control Regulations; Subpart C -- General Definitions], domestic bank shall mean “any branch or office within the United States of any of the following which is not a national of any designated foreign country: Any bank or trust company incorporated under the banking laws of the United States or of any State, territory, or district of the United States, or any private bank or banker subject to supervision and examination under the banking laws of the United States, or of any state, territory or district of the United States. The Secretary of the Treasury may also authorize any other banking institution to be treated as a "domestic bank" for the purpose of this definition or for the purpose of any or all sections of this chapter.”
