Definitions.

CFR · 2024-01-01 · US · Title 12

As used in this part, unless the context requires otherwise: (a) (b) (1) 25 percent or more of any class of voting securities of the bank and the correspondent are owned, directly or indirectly, by the same depository institution or company; or (2) Either the bank or the correspondent owns 25 percent or more of any class of voting securities of the other. (c) (d) (e) (2) Engages in the business of banking; (3) Is recognized as a bank by the bank supervisory or monetary authorities of the country of the bank's organization; (4) Receives deposits to a substantial extent in the regular course of business; and (5) Has the power to accept demand deposits. (f) (g) (h)

official document · source cfr-2024 · id 12:§ 206.2