PART 161—DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 5412(b)(2)(B). Source: 76 FR 49043, Aug. 9, 2011, unless otherwise noted. § 161.1 When do the definitions in this part apply? The definitions in this part and in 12 CFR part 141 apply throughout parts 100-199 of this chapter, unless another definition is specifically provided. § 161.2 Account. The term account § 161.3 [Reserved] § 161.4 Affiliate. The term affiliate (a) Of which a savings association, 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 (b) Of which control is held, directly or indirectly through stock ownership or in any other manner, by the shareholders of a savings association who own or control either a majority of the shares of such savings association or more than 50 per centum of the number of shares voted for the election of directors of such savings association at the preceding election, or by trustees for the benefit of the shareholders of any such savings association; or (c) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one savings association. § 161.5 Affiliated person. The term affiliated person (a) A director, officer, or controlling person of such association; (b) A spouse of a director, officer, or controlling person of such association; (c) A member of the immediate family of a director, officer, or controlling person of such association, who has the same home as such person or who is a director or officer of any subsidiary of such association or of any holding company affiliate of such association; (d) Any corporation or organization (other than the savings association or a corporation or organization through which the savings association operates) of which a director, officer or the controlling person of such association: (1) Is chief executive officer, chief financial officer, or a person performing similar functions; (2) Is a general partner; (3) Is a limited partner who, directly or indirectly either alone or with his or her spouse and the members of his or her immediate family who are also affiliated persons of the association, owns an interest of 10 percent or more in the partnership (based on the value of his or her contribution) or who, directly or indirectly with other directors, officers, and controlling persons of such association and their spouses and their immediate family members who are also affiliated persons of the association, owns an interest of 25 percent or more in the partnership; or (4) Directly or indirectly either alone or with his or her spouse and the members of his or her immediate family who are also affiliated persons of the association, owns or controls 10 percent or more of any class of equity securities or owns or controls, with other directors, officers, and controlling persons of such association and their spouses and their immediate family members who are also affiliated persons of the association, 25 percent or more of any class of equity securities; and (5) Any trust or other estate in which a director, officer, or controlling person of such association or the spouse of such person has a substantial beneficial interest or as to which such person or his or her spouse serves as trustee or in a similar fiduciary capacity. § 161.6 [Reserved] § 161.7 Appropriate Federal banking agency. The term appropriate Federal banking agency § 161.8 [Reserved] § 161.9 Certificate account. The term certificate account § 161.10 Comptroller. The term Comptroller § 161.12 Consumer credit. The term consumer credit Provided, § 161.14 Controlling person. The term controlling person (a) Obtained in connection with an annual solicitation of proxies, or (b) Obtained from savings account holders and borrowers if such proxies are voted as directed by a majority vote of the entire board of directors of such association, or of a committee of such directors if such committee's composition and authority are controlled by a majority vote of the entire board and if its authority is revocable by such a majority. § 161.15 Corporation. The terms Corporation FDIC § 161.16 Demand accounts. The term demand accounts § 161.18 Director. (a) The term director (b) [Reserved] § 161.19 Financial institution. The term financial institution depository institution § 161.24 Immediate family. The term immediate family (a) Such person's spouse, father, mother, children, brothers, sisters, and grandchildren; (b) The father, mother, brothers, and sisters of such person's spouse; and (c) The spouse of a child, brother, or sister of such person. §§ 161.26-161.31 [Reserved] § 161.33 Note account. The term note account § 161.34 OCC. The term OCC § 161.35 Officer. The term Officer officer § 161.37 Parent company; subsidiary. The term subsidiary [76 FR 49043, Aug. 9, 2011, as amended at 85 FR 42643, July 14, 2020] § 161.38 Political subdivision. The term political subdivision (a) The creation of which subdivision or department has been expressly authorized by state statute, (b) To which some functions of government have been delegated by state statute, and (c) To which funds have been allocated by statute or ordinance for its exclusive use and control. It also includes drainage, irrigation, navigation, improvement, levee, sanitary, school or power districts and bridge or port authorities and other special districts created by state statute or compacts between the states. Excluded from the term are subordinate or nonautonomous divisions, agencies or boards within principal departments. § 161.39 [Reserved] § 161.40 Public unit. The term public unit § 161.41 [Reserved] § 161.42 Savings account. The term savings account § 161.43 Savings association. The term savings association § 161.44 Security. The term security security, security § 161.45 [Reserved] § 161.50 State. The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. [85 FR 42643, July 14, 2020] § 161.51 [Reserved] § 161.52 Tax and loan account. The term tax and loan account § 161.53 United States Treasury General Account. The term United States Treasury General Account § 161.54 United States Treasury Time Deposit Open Account. The term United States Treasury Time Deposit Open Account § 161.55 With recourse. (a) The term with recourse (1) The amount of any insurance or guarantee against loss in the event of default provided by a third party, (2) The amount of any loss to be borne by the purchaser in the event of default, and (3) The amount of any loss resulting from a recourse obligation entered on the books and records of the savings association. (b) The term with recourse (1) To hold or retain a subordinate interest in a specified percentage of the loans or interests; or (2) To guarantee against loss up to a specified percentage of the loans or interests, which specified percentage shall not exceed ten percent of the outstanding balance of the loans or interests at the time of sale: Provided, (c) This definition does not apply for purposes of determining the capital adequacy requirements under 12 CFR part 3. [76 FR 49043, Aug. 9, 2011, as amended at 79 FR 11313, Feb. 28, 2014; 84 FR 56376, Oct. 22, 2019]