A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name.
- 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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An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with Federal banking laws and regulations.
An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with Federal banking laws and regulations.
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
The Federal regulatory agency that charters and supervises Federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of Federal credit unions.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe Federal regulatory agency that charters and supervises Federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of Federal credit unions.)
- 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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The program of flood insurance coverage and floodplain management administered under the Flood Disaster Protection Act (FDPA or Act) and applicable Federal regulations found in Title 44 of the Code of Federal Regulations, Subchapter B.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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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A savings account from which withdrawals can be made by negotiable orders of withdrawal (functional equivalent of checks). This is an interest-bearing account for which the bank must reserve the right to require the depositor to provide at least seven days notice of his/her intent to withdraw funds.
A savings account from which withdrawals can be made by negotiable orders of withdrawal (functional equivalent of checks). This is an interest-bearing account for which the bank must reserve the right to require the depositor to provide at least seven days notice of his/her intent to withdraw funds.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Availability date, bank and trust company, Checking account, Collected Funds, Kiting, Local check, Minimum balance, Negotiable Order of Withdrawal Account (NOW), Overdraw, Stale-Dated Check, Stop payment
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A nominee is an individual or entity, which acts on behalf of a beneficial owner. Most often the nominee pretends to be the owner of an entity, asset, or transaction to provide a veil of secrecy as to the beneficial owner's involvement. Many offshore entities provide nominee services whereby they will provide a nominee to act as owner of your arrangement but generally will not act unless instructed to by the beneficial owner.
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Every IBC must have a Board of Directors. The Board may consist of one person or many people. For instance, the beneficial owner of the IBC may appoint himself/herself as the director and sole officer of the corporation. However, most IBCs are formed with a nominee director. The nominee may be, but does not have to be, an individual who works and/or resides in the country where the IBC was formed. The nominee may be used to sign (contracts, loans, etc.) for the IBC should the beneficial owner not want his/her signature to be connected with the corporation. Typically, the nominee director will have no knowledge of the IBC's affairs or accounts, cannot control or influence the IBC, and will not act unless instructed to by the beneficial owner.
- 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
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Means the disallowance of any loss, deduction or credit, or addition to income attributable to a determination that the transaction or arrangement lacks economic substance. A transaction lacks economic substance if the taxpayer cannot demonstrate a valid California business purpose other than tax savings.
Beginning March 24, 2011, the definition of noneconomic substance transaction includes any disallowance of claimed tax benefits by reason of a transaction lacking economic substance under federal law.
- Browse Related Terms: Abusive tax schemes, Large entity, Listed transaction, Noneconomic substance transaction, Offshore financial arrangement (OFA), Reportable transaction, Tax Benefit, Tax Haven, Tax Shelter
There are several types of Federal benefits that are not automatically protected under 31CFR 212: Federal benefits received by check rather than direct deposit; Federal benefits received more than two months before the bank received the garnishment order or Federal benefits that were transferred to another bank account. The benefits may be exempt from garnishment but you will have to alert the court or creditor.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automatically Protected, Availability policy, Available Balance, Debit, Decedent, Deposit slip, Frozen Account, Garnishment, Garnishment/Garnish, Not Automatically Protected, Offset, Right of, Passbook, Right of offset, Uncollected funds