### Question
How does the law define financial institution?


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

> a broker or dealer, a depository institution, a futures commission merchant, or any other institution as determined by the Board of Governors of the Federal Reserve System

#### Citation:
  - *12 U.S.C. § 4402*
  - Heading: **CHAPTER 45-PAYMENT SYSTEM RISK REDUCTION**

