Financial Terms Glossary...
Enables the consumer to make informed decisions regarding the cost of credit.
Act of reclaiming durable goods purchased on credit, for which payment is past due.
A special account in the credit union’s ledger, which sets aside funds as a protection against losses. Regular reserves are required for federally insured credit unions by law to protect against loan losses or other losses as prescribed by federal regulation.
Share Account (Savings)
Refers to a regular share savings account and any other account that isn’t a share certificate account. A regular share account doesn’t require a holder to maintain a balance greater than the par value and doesn't require notice of intent to withdraw (as except may be in accordance with official bylaws). Shares are legally defined as equity and represent ownership.
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Establishes rules under which Federal Reserve Banks may extend credit to depository institutions and others
Regulation CC (Funds Availability Act)
A Federal Reserve System compliance regulation for all financial institutions which the limits the number of days a check may be held for collection after being deposited. Also defines disclosure requirements for account holder awareness and establishes the endorsement criteria that must be met by each financial institution handling a check.
Regulation D (Reserve Requirements of Depository Institutions Act)
Federal Reserve Board regulation defining types of deposits handled by institutions and explains how reserves are to be computed.
Regulation E (Electronic Funds Transfer Act)
Federal Reserve Board regulation detailing disclosures and rights of electronic funds transfers.
Federal Reserve Board regulation covering the extension of credit to customers by securities brokers, dealers, and members of the national securities exchanges. It establishes initial margin requirements and defines registered (eligible), unregistered (ineligible), and exempt securities.
Federal Reserve Board limit on the amount of credit a financial institution may extend a customer for purchasing and carrying margin securities.
Regulation Z (Truth in Lending Act)
Federal Reserve Board regulation covering provisions of the Consumer Credit Protection Act of 1968. Requires creditors to provide full disclosure of the terms of a loan. The interest rate must be stated as an annual percentage rate (APR).