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Index  » Subtitle A  » Chapter 1  » Subchapter H  » I.R.C. 581

I.R.C. 581
Definition of bank

Current through December 21, 2022 (Pub. L. 117-262)

§ 565 « Browse » § 582

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I.R.C. § 581.  Definition of bank

For purposes of sections 582 and 584, the term "bank" means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any State, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by State or Federal authority having supervision over banking institutions. Such term also means a domestic building and loan association.

(Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 87–722, §5, Sept. 28, 1962, 76 Stat. 670; Pub. L. 94–455, title XIX, §1901(c)(5), Oct. 4, 1976, 90 Stat. 1803.)

Section Information

Editorial Notes


1976—Pub. L. 94–455 substituted "or of any State" for "of any State, or of any Territory" after "District of Columbia)" and struck out ", Territorial," after "examination by State".

1962—Pub. L. 87–722 substituted "authority of the Comptroller of the Currency" for "section 11(k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248(k))".

Regulations for I.R.C. 581 (Return to Top)

§ 1.581-1Banks
§ 1.581-2Mutual savings banks, building and loan associations, and cooperative banks
§ 1.581-3Definition of bank prior to September 28, 1962

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