### Question
How does PAYMENT SYSTEM RISK REDUCTION define member?


### Answer
Under *12 U.S.C. § 4402*, **member** is defined as:

> a member of or participant in a clearing organization, and includes the clearing organization

#### Citation:
  - *12 U.S.C. § 4402*
  - Heading: **CHAPTER 45-PAYMENT SYSTEM RISK REDUCTION > SUBCHAPTER I-BILATERAL AND CLEARING ORGANIZATION NETTING**

