deposit-taking activity

(8) Deposit-taking activity The term “deposit-taking activity” means— (A) the acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the acceptance of deposits or the maintenance of deposit accounts; (B) the acceptance of funds, the provision of other services related to the acceptance of funds, or the maintenance of member share accounts by a credit union; or (C) the receipt of funds or the equivalent thereof, as the Bureau may determine by rule or order, received or held by a covered person (or an agent for a covered person) for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party.

Source

12 USC § 5481(8)

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Scoping language

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

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