11 USC 781 - Definitions

For purposes of this subchapter, the following definitions shall apply:

(1) Board.—The term "Board" means the Board of Governors of the Federal Reserve System.

(2) Depository institution.—The term "depository institution" has the same meaning as in section 3 of the Federal Deposit Insurance Act.

(3) Clearing bank.—The term "clearing bank" means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 ¹ of the Federal Deposit Insurance Corporation Improvement Act of 1991.

(Added Pub. L. 106–554, §1(a)(5) [title I, §112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–394.)

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Last modified: October 26, 2015