Financial institution

Financial institution means:
(1) A bank in the United States which accepts demand deposits; and
(2) An association organized pursuant to Federal or State law and supervised by Federal or State banking authorities.

Source

7 CFR § 1427.3

---

Scoping language

The definitions in this section apply for all purposes of program administration regarding the cotton loan and LDP programs. The terms defined in part 718 of this title and parts 1412, 1421, 1423, 1425, and 1434 of this chapter also apply, except where they conflict with definitions in this section.

---

Is this correct? or