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1 bank must elect to become subject to regulations of the Cor2 poration with respect to the redeposit of maturing deposits 3 and prohibiting withrawal of deposits by checking except in 4 cases where such withdrawal was permitted by law on 5 August 23, 1935, from specifically designated deposit ac6 counts totaling not more than 15 per centum of the bank's 7 total deposits".

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SEC. 107. Section (3)(h) of the Federal Deposit Insur

9 ance Act (12 U.S.C. 1813(h)) is amended

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(1) by striking out "bank" the first and fourth time it appears and inserting "financial institution" in lieu thereof;

(2) by inserting ", credit union, or savings and loan association" after "insured branch" and after

"bank" the fifth time it appears.

SEC. 108. Section 3(i) of the Federal Deposit Insurance

17 Act (12 U.S.C. 1813(i)) is amended by striking out "bank" 18 the second time it appears and inserting "financial institu19 tion" in lieu thereof.

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SEC. 109. Section 3(j) of the Federal Deposit Insurance

21 Act (12 U.S.C. 1813(j)) is amended by striking out "bank or 22 a branch of foreign bank" the first time it appears and insert23 ing "financial institution" in lieu thereof.

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SEC. 110. Section 3(1) of the Federal Deposit Insurance 25 Act (12 U.S.C. 1813(1)) is amended

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(1) by designating the introductory phrase "The term 'deposit' means" as paragraph "(1)" and changing it to read:

"(1) The term 'deposit' for an insured bank means—"; (2) by redesignating paragraphs (1), (2), (3), (4), and (5) as subparagraphs (a), (b), (c), (d), and (e), respectively, of the new paragraph (1);

(3) by revising the proviso in the new subparagraph (e) of paragraph (1) to read: "Provided further, That any obligation of a bank which is payable only at

an office of the bank located outside of the States of

the United States, the District of Columbia, the terri

tories and possessions of the United States (including

14 Guam, American Samoa, and the Virgin Islands), the

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Northern Mariana Islands, or Puerto Rico, shall not be

a deposit for any of the purposes of this Act or be included as part of total deposits or of an insured deposit."; and

(4) by adding new paragraphs (2) and (3) to read: "(2) The term 'deposit' for a credit union means, the 21 unpaid balance of money or its equivalent received or held by 22 a credit union in the usual course of business for which it has 23 given, or is obligated to give, credit to a share, share certifi24 cate, or share draft account of a member of the credit union, 25 of a nonmember in the case of a credit union serving pre

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1 dominately low-income members (as defined by the Corpora2 tion's Board of Directors after consultation with the National 3 Credit Union Administration Board), or of nonmember credit 4 unions and nonmember units of Federal, State, or local gov5 ernments and political subdivisions thereof. The share, share 6 certificate or share draft accounts shall be the type approved 7 by the Corporation's Board of Directors after consultation 8 with the National Credit Union Administration Board and 9 may include the equivalent of such accounts under State law. 10 "(3) The term 'deposit' for a savings and loan associ

11 ation means a savings, tax and loan, or checking deposit (as 12 defined by the Corporation's Board of Directors after consul13 tation with the Federal Home Loan Bank Board) held by the 14 savings and loan association.".

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SEC. 111. Section 3(m) of the Federal Deposit Insur

16 ance Act (12 U.S.C. 1813(m)) is amended—

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(1) by striking out "bank" each place it appears in the first and second sentences of paragraph (1) and inserting "financial institution" in lieu thereof;

(2) by striking out the third sentence of paragraph (1) and inserting: "Each officer, employee, or agent of the United States, of any State of the United States, of the District of Columbia, of any territory or possession

of the United States (including Guam, American

Samoa, and the Virgin Islands), of the Northern Mari

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ana Islands, of Puerto Rico, of the Panama Canal

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Zone, of any county, of any municipality, of any politi

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cal subdivision, or of any Indian Tribe therein, herein

called 'public unit', having official custody of public

5 funds and lawfully depositing the same in an insured. financial institution shall, for the purpose of determin

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ing the amount of the insured deposits, be deemed a

depositor in such custodial capacity separate and dis

tinct from any other officer, employee, or agent of the same or any public unit having custody of public funds and lawfully depositing the same in the same insured bank in custodial capacity."; and

(3) by striking out "ther" in the introductory phrase of paragraph (2) and inserting "term" in lieu thereof.

SEC. 112. Section 3(n) of the Federal Deposit Insurance 17 Act (12 U.S.C. 1813(n)) is amended by striking out "bank" 18 the second, third, and fifth times it appears and inserting “fi19 nancial institution" in lieu thereof.

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SEC. 113. Section 3(0) of the Federal Deposit Insurance

21 Act (12 U.S.C. 1813(0)) is amended to read:

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"(o) The term 'domestic branch' includes any branch 23 office, branch agency, additional office, or any branch place 24 of business of a financial institution located in any State of 25 the United States, any territory or possession of the United

85-952 0-81-15

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1 States (including Guam, American Samoa and the Virgin Is2 lands), the Northern Mariana Islands, or Puerto Rico (or in 3 the Panama Canal Zone in the case of a credit union) at 4 which deposits are received or checks are paid or money lent; 5 and the term 'foreign branch' means any office or place of 6 business located outside the United States, its territories or 7 possessions, the Northern Mariana Islands, Puerto Rico, or 8 the Panama Canal Zone (in the case of a credit union) at 9 which a financial institution's operations are conducted, in10 cluding the operations of a credit union authorized by the 11 Department of Defense to be located on American military 12 installations in foreign countries."

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SEC. 114. Section 3(p) of the Federal Deposit Insurance 14 Act (12 U.S.C. 1813(p)) is amended by striking out "bank" 15 and inserting "financial institution" in lieu thereof:

SEC. 115. Section 3(q) is amended

(1) by striking out "banking" in the introductory phrase and inserting "financial institution" in lieu thereof;

(2) by striking out "and" at the end of subparagraph (2);

(3) by striking out "nonmember issured bank (except a District bank)" in subparagraph (3) and in

serting "financial institution" in lieu thereof;