financial subsidiary
(3) Financial subsidiary The term “financial subsidiary” means any company that is controlled by 1 or more insured depository institutions other than a subsidiary that— (A) engages solely in activities that national banks are permitted to engage in directly and are conducted subject to the same terms and conditions that govern the conduct of such activities by national banks; or (B) a national bank is specifically authorized by the express terms of a Federal statute (other than this section), and not by implication or interpretation, to control, such as by section 25 or 25A of the Federal Reserve Act [ 12 U.S.C. 601 et seq., 611 et seq.] or the Bank Service Company Act [ 12 U.S.C. 1861 et seq.].