12 U.S.C. § 221a

Additional definitions

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As used in this chapter—(a) The terms “banks”, “national bank”, “national banking association”, “member bank”, “board”, “district”, and “reserve bank” shall have the meanings assigned to them in section 221 of this title.(b) Except where otherwise specifically provided, the term “affiliate” shall include any corporation, business trust, association, or other similar organization—(1) Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or(2) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or(3) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank; or(4) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of a member bank at the preceding election, or controls in any manner the election of a majority of the directors of a member bank, or for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees.(June 16, 1933, ch. 89, § 2, 48 Stat. 162; Aug. 23, 1935, ch. 614, title III, § 301, 49 Stat. 707; Pub. L. 89–485, § 13(a), (b), July 1, 1966, 80 Stat. 242.)Editorial NotesReferences in Text

As used in this chapter, referred to in text, was in the original “As used in this Act and in any provision of law amended by this Act”, meaning act June 16, 1933, ch. 89, 48 Stat. 162, known as the Banking Act of 1933. For complete classification of this Act to the Code, see References in Text note set out under section 227 of this title and Tables.

Amendments

1966—Subsec. (b)(4). Pub. L. 89–485, § 13(a), added par. (4) which incorporates definitions of “holding company affiliate” contained in cls. (1) and (2) of former subsec. (c) of this section, and substituted “a member bank” for “any one bank” in first two places.

Subsec. (c). Pub. L. 89–485, § 13(b), repealed definition of “holding company affiliate”, cls. (1) and (2) thereof now being incorporated in the subsec. (b)(4) definition of “affiliate”, substituting “a member bank” for “any one bank” in first two places and the par. excluding therefrom any corporations stock of which is fully owned by the United States and any organization determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies.

1935—Subsec. (c). Act Aug. 23, 1935, added last par.

Notes of Decisions

Cited in 19 cases, 1934–2007 · leading case: Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007).

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Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). · cites it 4× “See 12 U.S.C. § 221a(b). An operating subsidiary is therefore one type of "affiliate.”

Wachovia Bank, N.A. v. Burke, 414 F.3d 305 (2d Cir. 2005). · cites it 3× “The Commissioner also argues that operating subsidiaries are national bank “affiliates,” as provided in 12 U.S.C. § 221a, and that other statutes governing affiliates evince an intent not to provide the OCC or federal government with exclusive visitorial power.”

Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., 468 U.S. 207 (1984). “12 U. S. C. § 221a(b). Section 20, therefore, prohibits BAC’s proposed acquisition if Schwab is “engaged principally” in any of the activities listed therein.”

Bd. of Governors of Fed. Reserve Sys. v. Inv. Co. Inst., 450 U.S. 46 (1981). “242 , 12 U. S. C. §221a (b)(4). In Board of Governors v.”

Black Motor Co. v. Comm'r of Internal Revenue, 125 F.2d 977 (6th Cir. 1942). “Acts, pages 822, 836, for interest on specified obligations of the United States and Government corporations, (c) the amount allowed as a credit under Section 26(d) to a holding company affiliate, as defined in Section 2 of the Banking Act of 1933, 12 U.S.C.A. § 221a, and (d)…”

Wachovia Bank, N.A. v. Burke, 319 F. Supp. 2d 275 (D. Conn. 2004). “162 , defines an affiliate as including a corporation owned or controlled by a national bank, 12 U.S.C. § 221a(b), and gives the OCC authority to supervise those affiliates, 12 U.”

Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., & Bankamerica Corp., Intervenor, 716 F.2d 92 (2d Cir. 1984). “As a bank holding company’s various subsidiaries are bank affiliates for purposes of § 20, see 12 U.S.C. § 221a(b) (1976), BAC’s acquisition of Schwab will make Schwab an affiliate of Bank.”

Agnew v. Bd. of Governors, 153 F.2d 785 (D.C. Cir. 1946). · cites it 2× “162 , 12 U.S.C.A. § 221a. The Act said: “As used iu this chapter— * *k * * * # “(b) Except where otherwise specifically provided, the term ‘affiliate’ shall include any corporation, business trust, association, or other similar organization— “(1) Of which a member bank, directly…”

Camden Trust Co. v. Ray M. Gidney, Comptroller of the Currency, 301 F.2d 521 (D.C. Cir. 1962). “” See 12 U.S.C.A. §§ 221a, 377, 481; 12 U.S.C.A.”

Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., Chase Manhattan Corp., Intervenor, 847 F.2d 890 (D.C. Cir. 1988). “See 12 U.S.C. § 221a(b) (1982). B. The Issue At issue in this case is the extent to which a bank affiliate may underwrite and deal in securities.”

United States v. Gary Palmer, 31 F.3d 259 (5th Cir. 1994). “See 12 U.S.C. § 221a(b)(2) which defines "affiliate” to include a corporation owned by a majority shareholder of the bank.”

Cent. Bank, a Wisconsin Banking Corp. v. James E. Smith, Comptroller of the Currency, 532 F.2d 37 (7th Cir. 1976). “Consequently, the new bank is an affiliate of the existing banks, 12 U.S.C. § 221a(b)(2), and subject to special regulations.”

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— 12 U.S.C. § 221a(b) — 9 cases

Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). “See 12 U.S.C. § 221a(b). An operating subsidiary is therefore one type of "affiliate.”

Wachovia Bank, N.A. v. Burke, 414 F.3d 305 (2d Cir. 2005). “The Commissioner also argues that operating subsidiaries are national bank “affiliates,” as provided in 12 U.S.C. § 221a, and that other statutes governing affiliates evince an intent not to provide the OCC or federal government with exclusive visitorial power.”

— 12 U.S.C. § 221a(b)(2) — 3 cases

United States v. Gary Palmer, 31 F.3d 259 (5th Cir. 1994). “See 12 U.S.C. § 221a(b)(2) which defines "affiliate” to include a corporation owned by a majority shareholder of the bank.”

Am. Bank of Tulsa v. Watson, 391 F. Supp. 573 (N.D. Okla. 1973).

— 12 U.S.C. § 221a(c) — 1 case

First Nat'l Bank in Billings v. First Bank Stock Corp., 197 F. Supp. 417 (D. Mont. 1961).

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