---
kind: "section"
citation: "12 U.S.C. § 3201"
title: "12"
title_heading: "Banks and Banking"
number: "3201"
heading: "Definitions"
release: "119-102"
url: "https://uscodex.org/usc/12/3201"
units:
  - "Chapter 33 — Depository Institution Management Interlocks"
---

# §3201. Definitions


As used in this chapter—

- (1) the term “depository institution” means a commercial [bank](/usc/12/1426a.md?p=g-1), a savings [bank](/usc/12/1426a.md?p=g-1), a trust [company](/usc/12/24a.md?p=g-1), a savings and loan [association](/usc/12/1828.md?p=s-4-E-i), a building and loan [association](/usc/12/1828.md?p=s-4-E-i), a homestead [association](/usc/12/1828.md?p=s-4-E-i), a cooperative [bank](/usc/12/1426a.md?p=g-1), an industrial [bank](/usc/12/1426a.md?p=g-1), or a [credit union](/usc/12/3423.md?p=a-1-E);
- (2) the term “depository holding company” means a [bank holding company](/usc/12/1813.md?p=w-2) as defined in [section 1841(a) of this title](/usc/12/1841.md?p=a), a [company](/usc/12/24a.md?p=g-1) which would be a [bank holding company](/usc/12/1813.md?p=w-2) as defined in [section 1841(a) of this title](/usc/12/1841.md?p=a) but for the exemption contained in subsection (a)(5)(F) thereof, or a [savings and loan holding company](/usc/12/1813.md?p=w-3) as defined in section 1730a(a)(1)(D)[^1] of this title;
- (3) the characterization of any [corporation](/usc/12/2277a.md?p=2) ([including](/usc/12/25b.md?p=a-3) [depository institutions](#1) and depository holding companies), as an “[affiliate](/usc/12/24a.md?p=g-1) of,” or as “affiliated” with any other [corporation](/usc/12/2277a.md?p=2) means that—
  - (A) one of the [corporations](/usc/12/2277a.md?p=2) is a depository holding company and the other is a [subsidiary](/usc/12/24a.md?p=g-1) thereof, or both [corporations](/usc/12/2277a.md?p=2) are [subsidiaries](/usc/12/24a.md?p=g-1) of the same depository holding company, as the term “[subsidiary](/usc/12/24a.md?p=g-1)” is defined in either [section 1841(d) of this title](/usc/12/1841.md?p=d) in the case of a [bank holding company](/usc/12/1813.md?p=w-2) or section 1730a(a)(1)(H)[^1] of this title in the case of a [savings and loan holding company](/usc/12/1813.md?p=w-3); or
  - (B) more than 25 percent of the voting stock of one [corporation](/usc/12/2277a.md?p=2) is beneficially owned in the aggregate by one or more [persons](/usc/12/5481.md?p=19) who also beneficially own in the aggregate more than 25 percent of the voting stock of the other [corporation](/usc/12/2277a.md?p=2); or
  - (C) one of the [corporations](/usc/12/2277a.md?p=2) is a trust [company](/usc/12/24a.md?p=g-1) all of the stock of which, except for [directors](/usc/12/2279bb.md?p=3) qualifying shares, was owned by one or more mutual savings [banks](/usc/12/221a.md?p=a) on November 10, 1978, and the other [corporation](/usc/12/2277a.md?p=2) is a mutual savings [bank](/usc/12/1426a.md?p=g-1); or
  - (D) one of the [corporations](/usc/12/2277a.md?p=2) is a [bank](/usc/12/1426a.md?p=g-1), insured by the Federal [Deposit](/usc/12/5301.md?p=18-A) Insurance [Corporation](/usc/12/2277a.md?p=2) and chartered under [State](/usc/12/1707.md?p=d) law, and is a bankers’ [bank](/usc/12/1426a.md?p=g-1), described in Paragraph Seventh of [section 24 of this title](/usc/12/24.md); or
  - (E) one of the [corporations](/usc/12/2277a.md?p=2) is a [bank](/usc/12/1426a.md?p=g-1), chartered under [State](/usc/12/1707.md?p=d) law and insured by the Federal [Deposit](/usc/12/5301.md?p=18-A) Insurance [Corporation](/usc/12/2277a.md?p=2), the voting securities of which are held only by [persons](/usc/12/5481.md?p=19) who are officers of other [banks](/usc/12/221a.md?p=a), as permitted by [State](/usc/12/1707.md?p=d) law, and which [bank](/usc/12/1426a.md?p=g-1) is primarily engaged in providing banking services for other [banks](/usc/12/221a.md?p=a) and not the public: Provided, however, That in no case shall the voting securities of such [corporation](/usc/12/2277a.md?p=2) be held by such officers of other [banks](/usc/12/221a.md?p=a) in excess of 6 per centum of the paid-in [capital](/usc/12/51c.md) and 6 per centum of the surplus of such a [bank](/usc/12/1426a.md?p=g-1).[^2]
- (4) the term “management official” means an employee or officer with management functions, a [director](/usc/12/2279bb.md?p=3) ([including](/usc/12/25b.md?p=a-3) an advisory or honorary [director](/usc/12/2279bb.md?p=3), except in the case of a [depository institution](#1) with total assets of less than $100,000,000), a trustee of a business organization under the [control](/usc/12/24a.md?p=g-1) of trustees, or [any person](/usc/12/1715z–4a.md?p=a-2) who has a representative or nominee serving in any such capacity: Provided, That if a corporator, trustee, [director](/usc/12/2279bb.md?p=3), or other officer of a [State](/usc/12/1707.md?p=d)-chartered savings [bank](/usc/12/1426a.md?p=g-1) or cooperative [bank](/usc/12/1426a.md?p=g-1) is specifically authorized under the laws of the [State](/usc/12/1707.md?p=d) in which said institution is located to serve as a trustee, [director](/usc/12/2279bb.md?p=3), or other officer of a [State](/usc/12/1707.md?p=d)-chartered trust [company](/usc/12/24a.md?p=g-1) which does not make [real estate](/usc/12/1715z–20.md?p=b-2) [mortgage](/usc/12/1707.md?p=a) loans and does not accept savings [deposits](/usc/12/5301.md?p=18-A) from natural [persons](/usc/12/5481.md?p=19), then, for the purposes of this chapter, such corporator, trustee, [director](/usc/12/2279bb.md?p=3), or other officer shall not be deemed to be a management official of such trust [company](/usc/12/24a.md?p=g-1): And provided further, That if a management official of a [State](/usc/12/1707.md?p=d)-chartered trust [company](/usc/12/24a.md?p=g-1) which does not make [real estate](/usc/12/1715z–20.md?p=b-2) [mortgage](/usc/12/1707.md?p=a) loans and does not accept savings [deposits](/usc/12/5301.md?p=18-A) from natural [persons](/usc/12/5481.md?p=19) is specifically authorized under the laws of the [State](/usc/12/1707.md?p=d) in which said institution is located to serve as a corporator, trustee, [director](/usc/12/2279bb.md?p=3), or other officer of a [State](/usc/12/1707.md?p=d)-chartered savings [bank](/usc/12/1426a.md?p=g-1) or cooperative [bank](/usc/12/1426a.md?p=g-1), then, for the purposes of this chapter, such management official shall not be deemed to be a management official of any such savings [bank](/usc/12/1426a.md?p=g-1) or cooperative [bank](/usc/12/1426a.md?p=g-1);
- (5) the term “office” used with reference to a [depository institution](#1) means either a principal office or a branch; and
- (6) the term “appropriate Federal depository institutions regulatory agency” means, with respect to any [depository institution](#1) or depository holding company, the [agency](/usc/12/1422.md?p=12) referred to in [section 3207 of this title](/usc/12/3207.md) in connection with such institution or [company](/usc/12/24a.md?p=g-1).

## Footnotes

[^1]: See References in Text note below.
[^2]: So in original. The period probably should be a semicolon.

## Source credit

(Pub. L. 95–630, title II, § 202, Nov. 10, 1978, 92 Stat. 3672; Pub. L. 100–650, §§ 2, 3, 5(b)(1), Nov. 10, 1988, 102 Stat. 3819, 3820; Pub. L. 103–325, title III, § 322(c)(2), Sept. 23, 1994, 108 Stat. 2227.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this title”, meaning title II of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3672, known as the Depository Institution Management Interlocks Act, which enacted this chapter, amended sections 1464, 1730, and 1818 of this title, and enacted provisions set out as a note below. For complete classification of this Act to the Code, see Short Title note set out below and Tables.

Section 1730a of this title, referred to in pars. (2) and (3)(A), was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

### Amendments

1994—Par. (3)(D). Pub. L. 103–325 substituted “and is a bankers’ bank, described in Paragraph Seventh of section 24 of this title; or” for “the voting securities of which are held by other banks, as permitted by State law, and which bank is primarily engaged in providing banking services for other banks and not the public: Provided, however, That in no case shall the voting securities of such corporation be held by any such other bank in excess of 5 per centum of the paid-in capital and 5 per centum of the surplus of such other bank; or”.

1988—Par. (3)(B). Pub. L. 100–650, § 2, substituted “25 percent” for “50 per centum” in two places.

Par. (4). Pub. L. 100–650, § 3, substituted “(including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000)” for “(including an advisory or honorary director)”.

Par. (6). Pub. L. 100–650, § 5(b)(1), added par. (6).

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.

### Short Title of 1988 Amendment

Pub. L. 100–650, § 1, Nov. 10, 1988, 102 Stat. 3819, provided that: “This Act [amending sections 3201, 3204, and 3205 of this title] may be referred to as the ‘Management Interlocks Revision Act of 1988’.”

### Short Title

Pub. L. 95–630, title II, § 201, Nov. 10, 1978, 92 Stat. 3672, provided that: “This title [enacting this chapter and amending sections 1464, 1730, and 1818 of this title] may be cited as the ‘Depository Institution Management Interlocks Act’.”