113 STAT. 1450 PUBLIC LAW 106-102—NOV. 12, 1999 (iii) the term "investment company" has the same meaning as given in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (D) CERTAIN PERSONS AND ENTITIES SPECIFICALLY EXCLUDED. — The term "financial institution" does not include any person or entity with respect to any financial activity that is subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act and does not include the Federal Agricultural Mortgage Corporation or any entity chartered and operating under the Farm Credit Act of 1971. (E) FURTHER DEFINITION BY REGULATION.—The Federal Trade Commission, after consultation with Federal banking agencies and the Securities gind Exchange Commission, may prescribe regulations clarifying or describing the t3^es of institutions which shall be treated as financial institutions for purposes of this subtitle. Federal Home TITLE VI—FEDERAL HOME LOAN BANK fem"^ SYSTEM MODERNIZATION Modernization Act of 1999. 12 USC 1421 SEC. 601. SHORT TITLE. This title may be cited as the "Federal Home Loan Bank System Modernization Act of 1999". SEC. 602. DEFINITIONS. Section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422) is amended— (1) in paragraph (1), by striking "term 'Board' means" and inserting "terms 'Finance Board' and 'Board' mean"; (2) by striking paragraph (3) and inserting the following: "(3) STATE.— The term 'State', in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands."; and (3) by adding at the end the following new paragraph: "(13) COMMUNITY FINANCIAL INSTITUTION.— "(A) IN GENERAL.—The term 'community financial institution' means a member— "(i) the deposits of which are insured under the Federal Deposit Insurance Act; and "(ii) that has, as of the date of the treinsaction at issue, less than $500,000,000 in average total assets, based on an average of total assets over the 3 years preceding that date. "(B) ADJUSTMENTS.— The $500,000,000 limit referred to in subparagraph (A)(ii) shall be adjusted annually by the Finance Board, based on the annual percentage increase, if any, in the Consumer Price Index for all urban consumers, as published by the Department of Labor.". SEC. 603. SAVINGS ASSOCIATION MEMBERSHIP. Section 5(f) of the Home Owners' Loan Act (12 U.S.C. 1464(f)) is amended to read as follows:
�
