Page:United States Statutes at Large Volume 101 Part 1.djvu/585

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 555

"(iii) such institution does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others or make commercial loans; and "(iv) such institution does not— "(I) obtain payment or payment related services from any Federal Reserve bank, including any service referred to in section 11A of the Federal Reserve Act; or "(11) exercise discount or borrowing privileges pursuant to section 19(b)(7) of the Federal Reserve Act.

"(E) A credit union (as described in section 19(b)(l)(A)(iv) of the Federal Reserve Act). "(F) An institution which— "(i) engages only in credit card operations; "(ii) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; "(iii) does not accept any savings or time deposit of less than $100,000; "(iv) maintains only one office that accepts deposits; and "(v) does not engage in the business of making commercial loans. "(G) An organization operating under section 25 or section 25(a) of the Federal Reserve Act. "(H) An industrial loan company, industrial bank, or other similar institution which is— "(i) an institution organized under the laws of a State which, on March 5, 1987, had in effect or had under consideration in such State's legislature a statute which required or would require such institution to obtain insurance under the Federal Deposit Insurance Act— "(I) which does not accept demand deposits that the depositor may withdraw by check or similar means for payment to third parties; "(II) which has total assets of less than $100,000,000; or "(III) the control of which is not acquired by any company after the date of the enactment of the Competitive Equality Amendments of 1987; or "(ii) an institution which does not, directly, indirectly, or through an affiliate, engage in any activity in which it was not lawfully engaged as of March 5, 1987, except that this subparagraph shall cease to apply to any institution which permits any overdraft (including any intraday overdraft), or which incurs any such overdraft in such institution's account at a Federal Reserve bank, on behalf of an affiliate if such overdraft is not the result of an inadvertent computer or accounting error that is beyond the control of both the institution and the affiliate. "(I) The Investors Fiduciary Trust Company, located in Kansas City, Missouri, so long as such institution—

12 USC 248a. 12 USC 461.

12 USC 601604a, 611-631.

12 USC 1811 note.

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