Does the FDIC regulate bank affiliates?
Does the FDIC regulate bank affiliates?
The FDIC directly supervises and examines more than 5,000 banks and savings associations for operational safety and soundness. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System.
What is an affiliate in banking?
Bank Affiliate means a Person engaged primarily in the business of commercial banking and that is a Subsidiary of a Bank or of a Person of which a Bank is a Subsidiary.
What is an affiliate under Reg W?
Regulation W defines a bank’s affiliates quite broadly including any company that the bank directly or indirectly controls or that is sponsored and advised by a bank, as well as subsidiaries of the bank.
Are securities covered by FDIC?
The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.
What banks are regulated by the FDIC?
List of FDIC-Supervised Banks Filing under the Securities Exchange Act
| Cert Number | Bank Name | City |
|---|---|---|
| 58481 | First Bank | Hamilton |
| 58513 | The Bank of Princeton | Princeton |
| 622 | Amalgamated Bank | New York |
| 57053 | Signature Bank | New York |
What is the legal definition of affiliate?
The legal definition of “affiliate” applies to business and retail relationships. Affiliates are organizations, individual persons, or business concerns that are controlled by a third party or each other. Affiliates often have the following: Shared management or ownership.
Is a parent company considered an affiliate?
The parent company generally owns less than a 50% interest in its affiliated company, and the parent keeps its operations separate from the affiliate. Parent businesses can use affiliates as a way to enter foreign markets. Affiliates are different than subsidiaries, which are majority-owned by the parent company.
What is an affiliate transaction?
Affiliate Transactions means any transaction or a series of related transactions on behalf of the Company or its Subsidiaries, on the one hand, and any Stockholder or any of its Affiliates, on the other hand (other than any management rights, management services or similar agreement entered into between the …
Who is an affiliate of an investment company?
(6) Investment companies. (i) Any investment company for which the member bank or any affiliate of the member bank serves as an investment adviser, as defined in section 2 (a) (20) of the Investment Company Act of 1940 ( 15 U.S.C. 80a-2 (a) (20) ); and
Which is not an affiliate of a member bank?
(b) ” Affiliate” with respect to a member bank does not include: (1) Subsidiaries. Any company that is a subsidiary of the member bank, unless the company is: (iii) Directly controlled by:
When to exclude an affiliate from the definition of affiliate?
This exclusion from the definition of “affiliate” applies only for the period of time specifically authorized under applicable State or Federal law or regulation or, in the absence of such law or regulation, for a period of two years from the date of the exercise of such rights.
What makes a company a member of the FDIC?
Any company that controls the member bank; (2) Companies under common control by a parent company. Any company, including any subsidiary of the member bank, that is controlled by a company that controls the member bank; (3) Companies under other common control.