deposit broker

(1) Deposit broker The term “deposit broker” means— (A) any person engaged in the business of placing deposits, or facilitating the placement of deposits, of third parties with insured depository institutions or the business of placing deposits with insured depository institutions for the purpose of selling interests in those deposits to third parties; and (B) an agent or trustee who establishes a deposit account to facilitate a business arrangement with an insured depository institution to use the proceeds of the account to fund a prearranged loan.

Source

12 USC § 1831f(g)(1)

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Scoping language

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

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