The purpose of this Act is to help consumers protect their credit identities and recover from identity theft. One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
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The purpose of this Act is to help consumers protect their credit identities and recover from identity theft.
One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report.
- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.
The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.
A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
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The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act.
The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
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A government corporation that insures the deposits of all national and State banks that are members of the Federal Reserve System.
A government corporation that insures the deposits of all national and State banks that are members of the Federal Reserve System.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Bank, branch, foreign bank, connecticut bank, connecticut credit union, Credit Union, Enforcement Action, Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Financial Regulatory Agency, foreign banks with state branches, Freedom of Information Act (FOIA), Insured Deposits, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, uninsured bank
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Federal agency responsible for the emergency evaluation and response to all disasters, natural and man-made. FEMA oversees the administration of flood insurance programs and the designation of certain areas as flood prone.
Federal agency responsible for the emergency evaluation and response to all disasters, natural and man-made. FEMA oversees the administration of flood insurance programs and the designation of certain areas as flood prone.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition
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The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States.
You can divide the Federal Reserve's duties into four general areas:
- Conducting monetary policy
- Regulating banking institutions and protecting the credit rights of consumers
- Maintaining the stability of the financial system
- Providing financial services to the U.S. government
The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. You can divide the Federal Reserve's duties into four general areas: (1) Conducting monetary policy, (2) Regulating banking institutions and protecting the credit rights of consumers, (3) Maintaining the stability of the financial system, and (4) Providing financial services to the U.S. government
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Bank, branch, foreign bank, connecticut bank, connecticut credit union, Credit Union, Enforcement Action, Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Financial Regulatory Agency, foreign banks with state branches, Freedom of Information Act (FOIA), Insured Deposits, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, uninsured bank
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It is common practice in the offshore industry to issue false invoices as a means to transfer money to an offshore jurisdiction, while at the same time achieving a tax deduction for the paying entity. Commonly an entity associated with an offshore promoter will issue the invoice.
- Browse Related Terms: Bearer Shares, Beneficial Ownership, Custodian Services, Fictitious Invoices, Financial Secrecy, High net worth individual, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore, Offshore Mail Forwarding Address, Offshore Promoter, Offshore Trustee, Personal Investment Corporation (PIC), Private Banking
Undertaking to act as executor, administrator, guardian, conservator, or trustee for a family trust, authorized trust, or testamentary trust, or receiver or trustee in bankruptcy.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionUndertaking to act as executor, administrator, guardian, conservator, or trustee for a family trust, authorized trust, or testamentary trust, or receiver or trustee in bankruptcy.
- Browse Related Terms: Annuity, Beneficiary, Collective Investment Funds (CIFs,CIF), Estate account, Fiduciary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, share, Trust Account, wholesale banking, Asset Management Estate (AME), Medium Term Note (MTN), Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), Securitization
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Certain corporations , other than banking institutions, are licensed by the Banking Commissioner to act as trustees. Such corporations may receive property in trust and execute and administer trusts to the extent and in the manner authorized by their charters or the laws of Connecticut. For example, a firm that acts as an escrow agent for funds used to purchase irrevocable pre-planned funeral purchase contracts, and invests and administers the funds held in escrow.
- Browse Related Terms: Annuity, Beneficiary, Collective Investment Funds (CIFs,CIF), Estate account, Fiduciary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, share, Trust Account, wholesale banking, Asset Management Estate (AME), Medium Term Note (MTN), Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), Securitization
The field of membership of a Connecticut Credit Union is limited to: a) a single common bond membership of occupation or association, b) a multiple common bond membership, i.e., a field of membership consisting of more than one group of individuals, each of which has, within the group, a common bond of occupation or association, or c) persons within a well-defined community, neighborhood, or rural district.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge.
The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
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An organization authorized by statute for ensuring the safe and sound operation of financial institutions chartered to conduct business under that agency's jurisdiction.
The primary regulators are the following:
- OCC (Office of the Comptroller of the Currency)
- FDIC (Federal Deposit Insurance Corporation)
- FRB (Federal Reserve Bank]
- OTS (Office of Thrift Supervision)
- NCUA (National Credit Union Administration)
- State regulatory agencies
An organization authorized by statute for ensuring the safe and sound operation of financial institutions chartered to conduct business under that agency's jurisdiction. The primary regulators are the following: OCC (Office of the Comptroller of the Currency), FDIC (Federal Deposit Insurance Corporation), FRB (Federal Reserve Board), NCUA (National Credit Union Administration), State regulatory agencies
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Bank, branch, foreign bank, connecticut bank, connecticut credit union, Credit Union, Enforcement Action, Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Financial Regulatory Agency, foreign banks with state branches, Freedom of Information Act (FOIA), Insured Deposits, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, uninsured bank
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This term refers to the confidentiality afforded to financial transactions either by enactment of law or by other means. There are many forms of financial secrecy. Financial secrecy can be a part of an agreement between the institution and the client. Law can impose it with either criminal or civil sanctions. Financial secrecy can be operationally given by the financial institution whereby the institutional practices call for only top management to know who owns the account or no bank official knows who owns the account, such as a numbered account. It can also be obtained by the imposition of an attorney, nominee, or entity between the bank and its client.
- Browse Related Terms: Bearer Shares, Beneficial Ownership, Custodian Services, Fictitious Invoices, Financial Secrecy, High net worth individual, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore, Offshore Mail Forwarding Address, Offshore Promoter, Offshore Trustee, Personal Investment Corporation (PIC), Private Banking
A real estate loan which is in a first lien position, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
A real estate loan which is in a first lien position, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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A first mortgage loan means a loan or an extension of credit, including, but not limited to, an extension of credit pursuant to a contract or an assigned contract for the sale of goods or services, made to a natural person, the proceeds of which are to be used primarily for personal, family or household purposes, and which is secured by a first mortgage upon any interest in one-to-four-family owner-occupied residential property located in this state which is not subject to any prior mortgages and includes the renewal or refinancing of an existing first mortgage loan.
- Browse Related Terms: Agency Mortgage-Backed Security (MBS), Co-maker, Commercial Mortgage-Backed Securities (CMBS), Credit Disability Insurance, Credit Life Insurance, first mortgage loan, Guaranteed Student Loan, Home Equity Loan, Insurance (Hazard), Residential Mortgage-Backed Securities (RMBS), Reverse mortgage, secondary mortgage loan
The interest rate and the payment remain the same over the life of the loan. The consumer makes equal monthly payments of principal and interest until the debt is paid in full.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe interest rate and the payment remain the same over the life of the loan. The consumer makes equal monthly payments of principal and interest until the debt is paid in full.
- Browse Related Terms: Adjustable-rate mortgages (ARMS), Adjustable-Rate Mortgages (ARMS,ARM), Billing Date, Conventional fixed-rate mortgage, Fixed Rate Loan, fixed-rate mortgage, Periodic statement, PITI, Principal, Interest, Taxes and Insurance (PITI), Refinancing
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A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
- Browse Related Terms: Adjustable-rate mortgages (ARMS), Adjustable-Rate Mortgages (ARMS,ARM), Billing Date, Conventional fixed-rate mortgage, Fixed Rate Loan, fixed-rate mortgage, Periodic statement, PITI, Principal, Interest, Taxes and Insurance (PITI), Refinancing
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(1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks. (2) The time that elapses between the day a check is deposited and the day it is presented for payment to the financial institution on which it is drawn.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks. 2) The time that elapses between the day a check is deposited and the day it is presented for payment to the financial institution on which it is drawn.
- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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Flood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during storms.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionFlood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during storms.
- Browse Related Terms: Cease and Desist Letter, Escrow Funds, Federal Emergency Management Agency (FEMA), flood insurance, Flood Plain, Mobile home, National Flood Insurance Program (NFIP), Participating Community, Wire transfer
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