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Expedited Funds Availability Act
The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations. Disclosure Financial institutions must disclose their hold policies to all account holders, and make the policy available in written form upon request by any customer. It must also be provided at the time of opening of all new accounts. Additional disclosures are required on deposit slips, at automated teller machines, and when the policy is changed in any way. Types of hold Regulation CC stipulates four types of holds that a bank may place on a check deposit at its discretion. Each has its own qualifications and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president The vice president of the United States (VPOTUS) is the second-highest officer in the executive branch of the U.S. federal government, after the president of the United States, and ranks first in the presidential line of succession. The vice pr ... has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1987 In Law
File:1987 Events Collage.png, From top left, clockwise: The MS Herald of Free Enterprise capsizes after leaving the Port of Zeebrugge in Belgium, killing 193; Northwest Airlines Flight 255 crashes after takeoff from Detroit Metropolitan Airport, killing everyone except a little girl; The King's Cross fire kills 31 people after a fire under an escalator flashes-over; The MV Doña Paz sinks after colliding with an oil tanker, drowning almost 4,400 passengers and crew; Typhoon Nina strikes the Philippines; LOT Polish Airlines Flight 5055 crashes outside of Warsaw, taking the lives of all aboard; The USS Stark is struck by Iraqi Exocet missiles in the Persian Gulf; U.S. President Ronald Reagan gives a famous speech, demanding that Soviet leader Mikhail Gorbachev tears down the Berlin Wall., 300x300px, thumb rect 0 0 200 200 Zeebrugge disaster rect 200 0 400 200 Northwest Airlines Flight 255 rect 400 0 600 200 King's Cross fire rect 0 200 300 400 Tear down this wall! rect 300 200 60 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Government Publishing Office
The United States Government Publishing Office (USGPO or GPO; formerly the United States Government Printing Office) is an agency of the legislative branch of the United States Federal government. The office produces and distributes information products and services for all three branches of the Federal Government, including U.S. passports for the Department of State as well as the official publications of the Supreme Court, the Congress, the Executive Office of the President, executive departments, and independent agencies. An act of Congress changed the office's name to its current form in 2014. History The Government Printing Office was created by congressional joint resolution () on June 23, 1860. It began operations March 4, 1861, with 350 employees and reached a peak employment of 8,500 in 1972. The agency began transformation to computer technology in the 1980s; along with the gradual replacement of paper with electronic document distribution, this has led to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Printing Office
The United States Government Publishing Office (USGPO or GPO; formerly the United States Government Printing Office) is an agency of the legislative branch of the United States Federal government. The office produces and distributes information products and services for all three branches of the Federal Government, including U.S. passports for the Department of State as well as the official publications of the Supreme Court, the Congress, the Executive Office of the President, executive departments, and independent agencies. An act of Congress changed the office's name to its current form in 2014. History The Government Printing Office was created by congressional joint resolution () on June 23, 1860. It began operations March 4, 1861, with 350 employees and reached a peak employment of 8,500 in 1972. The agency began transformation to computer technology in the 1980s; along with the gradual replacement of paper with electronic document distribution, this has led to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cornell University
Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to teach and make contributions in all fields of knowledge—from the classics to the sciences, and from the theoretical to the applied. These ideals, unconventional for the time, are captured in Cornell's founding principle, a popular 1868 quotation from founder Ezra Cornell: "I would found an institution where any person can find instruction in any study." Cornell is ranked among the top global universities. The university is organized into seven undergraduate colleges and seven graduate divisions at its main Ithaca campus, with each college and division defining its specific admission standards and academic programs in near autonomy. The university also administers three satellite campuses, two in New York City and one in Educatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Check 21 Act
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of the original paper check to create a digital version of the original check, a process known as check truncation, into an electronic format called a " substitute check", thereby eliminating the need for further handling of the physical document. In essence, the recipient bank no longer returns the paper check, but effectively e-mails an image of both sides of the check to the bank it is drawn upon. Consumers are most likely to see the effects of this act when they notice that certain checks (or images thereof) are no longer being returned to them with their monthly statement, even though other checks are still being returned. Another effect of the law is that it is now legal for anyone to use a computer scanner or mobile pho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Samoa
American Samoa ( sm, Amerika Sāmoa, ; also ' or ') is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the island country of Samoa. Its location is centered on . It is east of the International Date Line, while Samoa is west of the Line. The total land area is , slightly more than Washington, D.C. American Samoa is the southernmost territory of the United States and one of two U.S. territories south of the Equator, along with the uninhabited Jarvis Island. Tuna products are the main exports, and the main trading partner is the rest of the United States. American Samoa consists of five main islands and two coral atolls. The largest and most populous island is Tutuila, with the Manuʻa Islands, Rose Atoll and Swains Island also included in the territory. All islands except for Swains Island are part of the Samoan Islands, west of the Cook Islands, north of Tonga, and some south of Tokelau. To the west are the islands ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they comprise the national bicameral legislature of the United States. The House's composition was established by Article One of the United States Constitution. The House is composed of representatives who, pursuant to the Uniform Congressional District Act, sit in single member congressional districts allocated to each state on a basis of population as measured by the United States Census, with each district having one representative, provided that each state is entitled to at least one. Since its inception in 1789, all representatives have been directly elected, although universal suffrage did not come to effect until after the passage of the 19th Amendment and the Civil Rights Movement. Since 1913, the number of voting representat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Credit Union Administration Board
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the National Credit Union Administration, an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions, and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full faith and credit of the United States government. As of December 2016, Share Insurance Fund insured an estimated $1 trillion in member shares in more than 5,800 federally insured credit unions. Funding, premiums and dividends In 1970, Congress approved, and President Richard M. Nixon signed, Public Law 91-206 (see 12 U.S.C.br>§§ [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
