deposit broker

(3) Inclusion of depository institutions engaging in certain activities Notwithstanding paragraph (2), the term “deposit broker” includes any insured depository institution that is not well capitalized (as defined in section 1831o of this title ), and any employee of such institution, which engages, directly or indirectly, in the solicitation of deposits by offering rates of interest which are significantly higher than the prevailing rates of interest on deposits offered by other insured depository institutions in such depository institution’s normal market area.

Source

12 USC § 1831f(g)(3)


Scoping language

None identified, default scope is assumed to be the parent (chapter 16) of this section.
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