12 CFR 330.1 – Definitions
For the purposes of this part:
Terms Used In 12 CFR 330.1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Forbearance: A means of handling a delinquent loan. A
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(a) Act means the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.).
(b) Corporation means the Federal Deposit Insurance Corporation.
(c) Default has the same meaning as provided under section 3(x) of the Act (12 U.S.C. § 1813(x)).
(d) Deposit has the same meaning as provided under section 3(l) of the Act (12 U.S.C. § 1813(l)).
(e) Deposit account records means account ledgers, signature cards, certificates of deposit, passbooks, corporate resolutions authorizing accounts in the possession of the insured depository institution and other books and records of the insured depository institution, including records maintained by computer, which relate to the insured depository institution’s deposit taking function, but does not mean account statements, deposit slips, items deposited or cancelled checks.
(f) FDIC means the Federal Deposit Insurance Corporation.
(g) Independent activity. A corporation, partnership or unincorporated association shall be deemed to be engaged in an “independent activity” if the entity is operated primarily for some purpose other than to increase deposit insurance.
(h) Insured branch means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of the Act.
(i) Insured deposit has the same meaning as that provided under section 3(m)(1) of the Act (12 U.S.C. § 1813(m)(1)) and this part.
(j) Insured depository institution is any depository institution whose deposits are insured pursuant to the Act, including a foreign bank having an insured branch.
(k) Interest, with respect to a deposit, means any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit. A bank’s absorption of expenses incident to providing a normal banking function or its forbearance from charging a fee in connection with such a service is not considered a payment of interest.
(l) Natural person means a human being.
(m) Non-contingent trust interest means a trust interest capable of determination without evaluation of contingencies except for those covered by the present worth tables and rules of calculation for their use set forth in § 20.2031-7 of the Federal Estate Tax Regulations (26 CFR 20.2031-7) or any similar present worth or life expectancy tables which may be adopted by the Internal Revenue Service.
(n) Sole proprietorship means a form of business in which one person owns all the assets of the business, in contrast to a partnership or corporation.
(o) Standard maximum deposit insurance amount, referred to as the “SMDIA” hereafter, means $250,000 adjusted pursuant to subparagraph (F) of section 11(a)(1) of the FDI Act (12 U.S.C. § 1821(a)(1)(F)).
(p) Trust estate means the determinable and beneficial interest of a beneficiary or principal in trust funds but does not include the beneficial interest of an heir or devisee in a decedent‘s estate.
(q) Trust funds means funds held by an insured depository institution as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement.
(r) Trust interest means the interest of a beneficiary in an irrevocable express trust (other than an employee benefit plan) created either by written trust instrument or by statute, but does not include any interest retained by the settlor.
(s) [Reserved]