### Question
How is the "financial subsidiary" defined?


### Answer
The term **financial subsidiary** is defined in *12 U.S.C. § 24a* as follows -

> any company that is controlled by 1 or more insured depository institutions other than a subsidiary that—


(A) engages solely in activities that national banks are permitted to engage in directly and are conducted subject to the same terms and conditions that govern the conduct of such activities by national banks

#### Citation:
  - *12 U.S.C. § 24a*
  - Heading: **CHAPTER 2-NATIONAL BANKS > SUBCHAPTER I-ORGANIZATION AND GENERAL PROVISIONS**

