Financial Product or Service Law and Legal Definition

According to 12 CFR 216.3 [Title 12 -- Banks and Banking; Chapter II -- Federal Reserve System; Subchapter A -- Board of Governors of the Federal Reserve System; Part 216 -- Privacy of Consumer Financial Information (Regulation P)], financial product or service means “any product or service that a financial holding company could offer by engaging in an activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)).”