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Truth In Savings Act
The Truth in Savings Act (TISA) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 and is implemented by Regulation DD. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. On passing this law, the US Congress noted that it would help promote economic stability, competition between depository institutions, and allow the consumer to make informed decisions. The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening a certificate of deposit account must be provided with information about ladder rates (smaller interest rates with smaller deposits ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks And Banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certificate Of Deposit
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions in the United States. CDs differ from savings accounts in that the CD has a specific, fixed term (often one, three, or six months, or one to five years) and usually, a fixed interest rate. The bank expects the CD to be held until maturity, at which time they can be withdrawn and interest paid. Like savings accounts, CDs are insured "money in the bank" (in the US up to $250,000) and thus, up to the local insured deposit limit, virtually risk free. In the US, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. In exchange for the customer depositing the money for an agreed term, institutions usually offer higher interest rates than they do on accounts that customers can withdraw from on demand—though this may not be the case in an inverted yield cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1991 In American Politics
File:1991 Events Collage.png, From left, clockwise: Boris Yeltsin, 1991 Russian presidential election, elected as Russia's first President of Russia, president, waves the new flag of Russia after the 1991 Soviet coup d'état attempt, orchestrated by Soviet Union, Soviet hardliners; Mount Pinatubo 1991 eruption of Mount Pinatubo, erupts in the Philippines, making it the List of large historical volcanic eruptions, second-largest Types of volcanic eruptions, volcanic eruption of the 20th century; MTS Oceanos sinks off the coast of South Africa, but the crew notoriously abandons the vessel before the passengers are rescued; Dissolution of the Soviet Union: The Flag of the Soviet Union, Soviet flag is lowered from the Kremlin for the last time and replaced with the flag of the Russian Federation; The United States and soon-to-be dissolved Soviet Union sign the START I Treaty; A tropical cyclone 1991 Bangladesh cyclone, strikes Bangladesh, killing nearly 140,000 people; Lauda Air Flight ... [...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 the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Banking Legislation
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security. The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions. As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. It is estimated that banking assets were equal to 56 percent of the U.S. economy. As of September 8, 2021, there were 4,951 FDIC insured commercial banks and savings institutions in the U.S. History Merchants ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1991 In Law
File:1991 Events Collage.png, From left, clockwise: Boris Yeltsin, 1991 Russian presidential election, elected as Russia's first President of Russia, president, waves the new flag of Russia after the 1991 Soviet coup d'état attempt, orchestrated by Soviet Union, Soviet hardliners; Mount Pinatubo 1991 eruption of Mount Pinatubo, erupts in the Philippines, making it the List of large historical volcanic eruptions, second-largest Types of volcanic eruptions, volcanic eruption of the 20th century; MTS Oceanos sinks off the coast of South Africa, but the crew notoriously abandons the vessel before the passengers are rescued; Dissolution of the Soviet Union: The Flag of the Soviet Union, Soviet flag is lowered from the Kremlin for the last time and replaced with the flag of the Russian Federation; The United States and soon-to-be dissolved Soviet Union sign the START I Treaty; A tropical cyclone 1991 Bangladesh cyclone, strikes Bangladesh, killing nearly 140,000 people; Lauda Air Flight ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
102nd United States Congress
The 102nd United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1991, to January 3, 1993, during the last two years of the administration of U.S. President George H. W. Bush. This is the most recent Congress where Republicans held a Senate Seat from California. The apportionment of seats in this House of Representatives was based on the 1980 United States Census. Both chambers maintained a Democratic majority. Notable events * January 17, 1991 – February 28, 1991: Persian Gulf War * May 16, 1991: Queen Elizabeth II of the United Kingdom addresses a Joint Meeting of Congress * October 15, 1991: Confirmation of Clarence Thomas Supreme Court nomination at the Senate * December 26, 1991: End of Cold War * November 3, 1992: Election of Bill Clinton as President of the United States Major legislation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Truth In Lending Act
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of and certain "higher-priced" mortgage loans (HPMLs) that are subject to the requirements of . The regulation prohibits certain acts or practice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neighbourhood
A neighbourhood (British English, Irish English, Australian English and Canadian English) or neighborhood (American English; see spelling differences) is a geographically localised community within a larger city, town, suburb or rural area, sometimes consisting of a single street and the buildings lining it. Neighbourhoods are often social communities with considerable face-to-face interaction among members. Researchers have not agreed on an exact definition, but the following may serve as a starting point: "Neighbourhood is generally defined spatially as a specific geographic area and functionally as a set of social networks. Neighbourhoods, then, are the spatial units in which face-to-face social interactions occur—the personal settings and situations where residents seek to realise common values, socialise youth, and maintain effective social control." Preindustrial cities In the words of the urban scholar Lewis Mumford, "Neighbourhoods, in some annoying, inchoate f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Annual Percentage Yield
Annual percentage yield (APY) is a normalized representation of an interest rate, based on a compounding period of one year. APY figures allow a reasonable, single-point comparison of different offerings with varying compounding schedules. However, it does not account for the possibility of account fees affecting the net gain. APY generally refers to the rate paid to a depositor by a financial institution, while the analogous annual percentage rate (APR) refers to the rate paid to a financial institution by a borrower. To promote financial products that do not involve debt, banks and other firms will often quote the APY (as opposed to the APR because the APY represents the customer receiving a higher return at the end of the term). For example, a certificate of deposit that has a 4.65% APR, compounded monthly, would instead be quoted as a 4.75% APY. Equation One common mathematical definition of APY uses this effective interest rate formula, but the precise usage may depend on lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donald W
Donald is a masculine given name derived from the Gaelic name ''Dòmhnall''.. This comes from the Proto-Celtic *''Dumno-ualos'' ("world-ruler" or "world-wielder"). The final -''d'' in ''Donald'' is partly derived from a misinterpretation of the Gaelic pronunciation by English speakers, and partly associated with the spelling of similar-sounding Germanic names, such as ''Ronald''. A short form of ''Donald'' is ''Don''. Pet forms of ''Donald'' include ''Donnie'' and ''Donny''. The feminine given name ''Donella'' is derived from ''Donald''. ''Donald'' has cognates in other Celtic languages: Modern Irish ''Dónal'' (anglicised as ''Donal'' and ''Donall'');. Scottish Gaelic ''Dòmhnall'', ''Domhnull'' and ''Dòmhnull''; Welsh '' Dyfnwal'' and Cumbric ''Dumnagual''. Although the feminine given name ''Donna'' is sometimes used as a feminine form of ''Donald'', the names are not etymologically related. Variations Kings and noblemen Domnall or Domhnall is the name of many ancie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
