What is the definition of a financial institution?
Section 466(a)(17)(D) of the Act states that financial institution has the meaning given the term in section 469A(d)(1) of the Act. Section 469A(d)(1) of the Act defines a financial institution as: a depository institution, as defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)); an institution-affiliated party, as defined in section 3(u) of such Act (12 U.S.C. 1813(u)); any Federal credit union or State credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752), including an institution-affiliated party such as a credit union, as defined in section 206(r) of such Act (12 U.S.C. 1786(r)); and any benefit association, insurance company, safe deposit company, money-market mutual fund, or similar entity authorized to do business in the State. This is the meaning given to the term “financial institution” throughout this document. Question 2: What constitutes a “similar entity authorized to do business in the State”? Answer: A “simil
