§ 3101. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3101]
TITLE 12--BANKS AND BANKING
CHAPTER 32--FOREIGN BANK PARTICIPATION IN DOMESTIC MARKETS
Sec. 3101. Definitions
For the purposes of this chapter--
(1) ``agency'' means any office or any place of business of a
foreign bank located in any State of the United States at which
credit balances are maintained incidental to or arising out of the
exercise of banking powers, checks are paid, or money is lent but at
which deposits may not be accepted from citizens or residents of the
United States;
(2) ``Board'' means the Board of Governors of the Federal
Reserve System;
(3) ``branch'' means any office or any place of business of a
foreign bank located in any State of the United States at which
deposits are received;
(4) ``Comptroller'' means the Comptroller of the Currency;
(5) ``Federal agency'' means an agency of a foreign bank
established and operating under section 3102 of this title;
(6) ``Federal branch'' means a branch of a foreign bank
established and operating under section 3102 of this title;
(7) ``foreign bank'' means any company organized under the laws
of a foreign country, a territory of the United States, Puerto Rico,
Guam, American Samoa, or the Virgin Islands, which engages in the
business of banking, or any subsidiary or affiliate, organized under
such laws, of any such company. For the purposes of this chapter the
term ``foreign bank'' includes, without limitation, foreign
commercial banks, foreign merchant banks and other foreign
institutions that engage in banking activities usual in connection
with the business of banking in the countries where such foreign
institutions are organized or operating;
(8) ``foreign country'' means any country other than the United
States, and includes any colony, dependency, or possession of any
such country;
(9) ``commercial lending company'' means any institution, other
than a bank or an organization operating under section 25 of the
Federal Reserve Act [12 U.S.C. 601 et seq.], organized under the
laws of any State of the United States, or the District of Columbia
which maintains credit balances incidental to or arising out of the
exercise of banking powers and engages in the business of making
commercial loans;
(10) ``State'' means any State of the United States or the
District of Columbia;
(11) ``State agency'' means an agency of a foreign bank
established and operating under the laws of any State;
(12) ``State branch'' means a branch of a foreign bank
established and operating under the laws of any State;
(13) the terms ``affiliate,'' \1\ ``bank'', ``bank holding
company'', ``company'', ``control'', and ``subsidiary'' have the
same meanings assigned to those terms in the Bank Holding Company
Act of 1956 [12 U.S.C. 1841 et seq.], and the terms ``controlled''
and ``controlling'' shall be construed consistently with the term
``control'' as defined in section 2 of the Bank Holding Company Act
of 1956 [12 U.S.C. 1841];
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\1\ So in original. The comma probably should follow the quotation
marks.
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(14) ``consolidated'' means consolidated in accordance with
generally accepted accounting principles in the United States
consistently applied;
(15) the term ``representative office'' means any office of a
foreign bank which is located in any State and is not a Federal
branch, Federal agency, State branch, or State agency;
(16) the term ``office'' means any branch, agency, or
representative office; and
(17) the term ``State bank supervisor'' has the meaning given to
such term in section 1813 of this title.
(Pub. L. 95-369, Sec. 1(b), Sept. 17, 1978, 92 Stat. 607; Pub. L. 102-
242, title II, Sec. 202(e), Dec. 19, 1991, 105 Stat. 2290; Pub. L. 106-
102, title I, Sec. 142(a), Nov. 12, 1999, 113 Stat. 1384.)
References in Text
This chapter, referred to in text, was in the original ``this Act'',
meaning Pub. L. 95-369, Sept. 17, 1978, 92 Stat. 607, known as the
International Banking Act of 1978, which enacted this chapter and
sections 347d and 611a of this title, amended sections 72, 378, 614,
615, 618, 619, 1813, 1815, 1817, 1818, 1820 to 1823, 1828, 1829b, 1831b,
and 1841 of this title, and enacted provisions set out as notes under
sections 36, 247, 601, 611a, and 3101 of this title. For complete
classification of this Act to the Code, see Short Title note set out
below and Tables.
The Bank Holding Company Act of 1956, referred to in par. (13), is
act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified
principally to chapter 17 (Sec. 1841 et seq.) of this title. For
complete classification of this Act to the Code, see Short Title note
set out under section 1841 of this title and Tables.
Amendments
1999--Par. (15). Pub. L. 106-102 substituted ``or State agency;''
for ``State agency, or subsidiary of a foreign bank;''.
1991--Par. (13). Pub. L. 102-242, Sec. 202(e)(1), inserted reference
to affiliate after first reference to ``the terms''.
Pars. (15) to (17). Pub. L. 102-242, Sec. 202(e)(2), added pars.
(15) to (17).
Effective Date of 1999 Amendment
Amendment by Pub. L. 106-102 effective 120 days after Nov. 12, 1999,
see section 161 of Pub. L. 106-102, set out as a note under section 24
of this title.
Short Title of 1991 Amendment
Section 201 of Pub. L. 102-242 provided that: ``This subtitle
[subtitle A (Secs. 201-215) of title II of Pub. L. 102-242, enacting
sections 3109 to 3111 of this title, amending this section and sections
1467a, 1817, 1820, 1842, 2803, 2804, 3102, 3104 to 3108, and 4009 of
this title and sections 44, 57a, 1607, 1681s, 1691c, 1692l, and 1693o of
Title 15, Commerce and Trade, and enacting provisions set out as a note
under section 3102 of this title] may be cited as the `Foreign Bank
Supervision Enhancement Act of 1991'.''
Short Title
Section 1(a) of Pub. L. 95-369 provided that: ``This Act [enacting
this chapter and sections 347d and 611a of this title, amending sections
72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820 to 1823, 1828,
1829b, 1831b and 1841 of this title, and enacting provisions set out as
notes under sections 36, 247, 601, and 611a of this title] may be cited
as the `International Banking Act of 1978'.''
Foreign Control of United States Financial Institutions
Pub. L. 96-221, title IX, Secs. 901, 902, Mar. 31, 1980, 94 Stat.
192, 193, provided that:
``Sec. 901. For purposes of this title enacting this provision--
``(1) the term `domestic financial institution' means any bank,
mutual savings bank, or savings and loan association organized under
the laws of any State or of the United States;
``(2) the term `foreign person' means any foreign organization
or any individual resident in a foreign country or any organization
or individual owned or controlled by such an organization or
individual; and
``(3) the term `takeover' means any acquisition of the stock or
assets of any domestic financial institution if, after such
acquisition, the amount of stock or assets held is 5 per centum or
more of the institution's stock or assets.
``Sec. 902. The Board of Governors of the Federal Reserve System,
the Comptroller of the Currency, the Board of Directors of the Federal
Deposit Insurance Corporation, and the Federal Home Loan Bank Board may
not approve any application relating to the takeover of any domestic
financial institution by a foreign person until July 1, 1980, unless--
``(1) such takeover is necessary to prevent the bankruptcy or
insolvency of the domestic financial institution involved;
``(2) the application was initially submitted for filing on or
before March 5, 1980;
``(3) the domestic financial institution has deposits of less
than $100,000,000;
``(4) the application relates to a takeover of shares or assets
pursuant to a foreign person's intrafirm reorganization of its
interests in a domestic financial institution, including
specifically any application to establish a bank holding company
pursuant to such reorganization;
``(5) the application relates to a takeover of the assets or
shares of a domestic financial institution if such assets or shares
are owned or controlled by a foreign person; or
``(6) the application relates to the takeover of a domestic
financial institution which is a subsidiary of a bank holding
company under an order to divest by December 31, 1980.''
Section Referred to in Other Sections
This section is referred to in sections 347d, 1813, 1817, 1828,
1843, 2804, 4009, 4402 of this title; title 7 sections 1a, 27; title 15
sections 57a, 78c, 78q, 80a-2, 1607, 1681s, 1691c, 1692l, 1693o, 6805;
title 18 sections 20, 212, 213, 648, 655, 984, 1004, 1014, 1030, 1906,
1956, 2113; title 31 section 5313.
