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B. Deposits With Persons Carrying on the Banking Business
In arguing whether the MFE N.V. CDs constitute section 956
deposits, the parties expend considerable effort addressing
whether WFNNB is a bank. Respondent would have us define the
term “bank” as it is defined in section 581, and argues that
WFNNB cannot qualify under that definition since taking deposits
from unrelated parties does not constitute a substantial part of
its business. Petitioner’s argument is somewhat more elaborate.
Petitioner argues that, since banks are in the business of
banking, and WFNNB is a bank, WFNNB must be in the business of
banking. Petitioner supports its minor premise (WFNNB is a bank)
by showing that WFNNB was organized to carry on the business of
banking, is authorized by the Comptroller of the Currency to do
business as a national banking association, and derives its
authority from, and is governed by, the National Bank Act
(currently codified in Title 12 U.S.C.). Petitioner points out
that WFNNB may not legally engage in any activity but the
business of banking. Petitioner concludes: “The language
enacted by Congress is unambiguous. WFNNB is a bank. It is
therefore a priori engaged in the banking business. As a matter
of law, it can do nothing else.”
We do not accept either party’s argument that we can
determine whether WFNNB is in the banking business simply by
determining whether WFNNB is a bank. The question is not whether
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