Eligible Depository Institution Law and Legal Definition

According to 12 CFR 5.3 [Title 12 Banks and Banking; Chapter I Comptroller of The Currency, Department of the Treasury; Part 5 Rules, Policies, and Procedures for Corporate Activities; Subpart A Rules of General Applicability], eligible depository institution means "a state bank or a Federal or state savings association that meets the criteria for an "eligible bank" and is insured with the Federal Deposit Insurance Corporation (FDIC)."