Sec. 601. Definitions and special rules
805 words·~4 min read·
/bill/113/s/277/is/section-601·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this title, the following definitions shall apply: The term appropriate Federal agency means— for a covered firm that is a bank holding company, a savings and loan holding company, any company controlled by a bank holding company or savings and loan institution (other than a depository institution), a state member bank, a branch or agency of a foreign bank, a foreign bank that does not operate an insured branch, an agency or commercial lending company other than a Federal agency or any company that controls a registered broker or dealer but does not also control an insured depository institution, the Board of Governors of the Federal Reserve System; for a covered firm that is a national banking association, a Federal branch or agency of a foreign bank, or a federal savings association, the Office of the Comptroller of the Currency; for a covered firm that is a state nonmember insured bank, a foreign bank that has an insured branch, a state savings association, or a company that controls an insured depository institution and is not regulated as a bank holding company or a savings and loan association holding company, the Federal Deposit Insurance Corporation; and for a covered firm that is a covered broker or dealer, the Securities and Exchange Commission.
The term bank holding company has the same meaning as in section 3(w)(2) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(w)(2) ). The term covered broker or dealer means a broker or dealer designated by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York as a primary dealer in government debt instruments. The term covered firm means any corporation or other entity that is organized under the laws of the United States or any state or territory thereof if— as of January 14, 2012, such corporation or other entity was, or is at any time during a the beginning of the fiscal year for which this section is applicable, an insured depository institution, a bank holding company, a savings and loan holding company, a company that directly or indirectly controls an insured depository institution, a covered broker or dealer, or a company that directly or indirectly controls a covered broker or dealer; and has $50,000,000,000 or more in total consolidated balance sheet assets that are associated with activities that are permissible for a bank holding company or a financial holding company under sections 3 and 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842 and 1843) at the beginning of the fiscal year.
The term fee means the Financial Crisis Responsibility Fee authorized under section 502. The term financial holding company has the same meaning as in section 2(p) of the Bank Holding Company Act of 1956, (12 U.S.C. 1841(2)(q)). The term fiscal year means the Government’s fiscal year beginning on October 1. The term foreign banking organization means— a foreign bank, as defined in section 1(b)(7) of the International Banking Act of 1978 ( 12 U.S.C. 3101(7) ), that— operates a branch, agency, or commercial lending company subsidiary in the United States; controls a bank in the United States; or controls an Edge corporation acquired after March 5, 1987; and any company that directly or indirectly controls the foreign bank.
The term Secretary means the Secretary of the Treasury. The term top-tier covered firm means a covered firm that controls one or more other covered firms but is not itself directly or indirectly controlled by another covered firm. For purposes of this chapter, the terms insured depository institution and savings and loan holding company shall have the same meanings as in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). For purposes of this Act, a person shall be considered to control another person if the first such person directly or indirectly owns (or otherwise has the power to vote) 25 percent or more of any class of voting securities of the second such person.
For purposes of determining the applicability of this Act and the amount of the Fee payable under section 502, the total consolidated balance sheet assets of any two or more corporations or other entities that are organized under the laws of the United States or any state or territory thereof that each meet any of the criteria described in subsection (a)(4)(A) and that are under common control, directly or indirectly, by the same person but that are not under common control, directly or indirectly, by any top-tier covered firm shall be consolidated together.
If, following such consolidation, the amount and other characteristics of the combined balance sheet assets of such firms satisfy the criteria specified in subsection (a)(4)(B), each such firm shall be deemed a covered firm and the resulting amount of fee shall be appropriately apportioned by the Secretary.
Connectionstraces to 4
Traces to 4 documents
Citation graph
cites case law
Cites 4Cited by 0 across 0 sources