; or (II) the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.). . (b) Limitation on banking activities Section 21 of the Banking Act of 1933 ( 12 U.S.C. 378 ) is amended by adding at the end the following: (c) Business of receiving deposits For purposes of this section, the term business of receiving deposits includes the establishment and maintenance of any transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(C) ). . (c) Permitted activities of national banks The paragraph designated as Seventh of section 5136 of the Revised Statutes ( 12 U.S.C. 24 ) is amended to read as follows: Seventh. Permitted activities (A) In general To exercise by its board of directors or duly authorized officers or agents, subject to law, all such powers as are necessary to carry on the business of banking. (B) Business of banking As used in this paragraph, the term business of banking shall be limited to the following core banking services: (i) Receiving deposits A national banking association may engage in the business of receiving deposits. (ii) Extensions of credit A national banking association may— (I) extend credit to individuals, businesses, not for profit organizations, and other entities; (II) discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt