U.S. Nonbank Financial Company [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5311 (4) (B) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Financial Stability], the term U.S. nonbank financial company means “a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), or a national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository registered with the Commission, or a board of trade designated as a contract market (or parent thereof), or a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), swap execution facility or a swap data repository registered with the Commodity Futures Trading Commission), that is--

(i) incorporated or organized under the laws of the United States or any State; and

(ii) predominantly engaged in financial activities, as defined 12 USCS § 5311 (6).”