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12 U.S.C. § 5622

Title 12 Chapter 53 Current through PL 119-73 Last updated: March 29, 2026 View on OLRC →
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§ 5622. Definitions

In this subchapter, the following definitions shall apply:

  • (1) 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) The term “community development financial institution” has the same meaning as in section 4702(5) of this title .
  • (3) 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) 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 ).

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