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2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 5622 Definitions us united_states_code code_section 12 BANKS AND BANKING 53 WALL STREET REFORM AND CONSUMER PROTECTION 5622 12 U.S.C. § 5622 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s5622 data/legal/raw/us/code/title-12/usc12.xml 0d5615ad647ed3b321855f9aee015cd0e9b9b31cf537721bdda810424d9d9f74 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa e4fd8b5fca90c5e05ac8f49c59ed9340eff242e119b3a625bb6ec4d02d521fbb 2026-07-04 official
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12 U.S.C. § 5622 - Definitions

Text

In this subchapter, the following definitions shall apply:

(1) Account The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate.

(2) Community development financial institution The term “community development financial institution” has the same meaning as in section 4702(5) of this title.

(3) Eligible entity The term “eligible entity” means—

(A) an organization described in section 501(c)(3) of title 26, and exempt from tax under section 501(a) of such title;

(B) a federally insured depository institution;

(C) a community development financial institution;

(D) a State, local, or tribal government entity; or

(E) a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter.

(4) Federally insured depository institution The term “federally insured depository institution” means any insured depository institution (as that term is defined in section 1813 of this title) and any insured credit union (as that term is defined in section 1752 of this title).

(Pub. L. 111203, title XII, § 1203, July 21, 2010, 124 Stat. 2129.)

Notes

Editorial Notes

References in TextThis subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.