- 21 - b. Not a Savings and Loan Through section 591, subsection 165(l)(3)(B) refers to "mutual savings banks, cooperative banks, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law". None of the three entities fit within these categories. Petitioner has failed to introduce any evidence that either BCCI, S.A., its IOMB, or its Los Angeles agency office qualifies under subsection 165(l)(3)(B). c. Not a Credit Union Subsection 165(l)(3)(C) refers to credit unions whose deposits are insured under Federal or State law. The evidence before us clearly establishes that deposits at BCCI, S.A., its IOMB, and its Los Angeles agency office were not insured under Federal or State law. Accordingly, the three institutions do not qualify as credit unions under subsection 165(l)(3)(C). d. Not a Supervised and Chartered "Similar Institution" Subsection 165(l)(3)(D) provides a final exception for "any similar institution" that is chartered and supervised under Federal or State law. In order to be a "qualified financial institution" under section 165(l)(3)(D), an entity must be (1) supervised underPage: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
Last modified: May 25, 2011