Fair Credit Reporting Act (FCRA)A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.
Fair Debt Collection Practices Act (FDCPA)The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act.
Federal Reserve SystemThe central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system.
Fictitious InvoicesIt 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…
FiduciaryUndertaking to act as executor, administrator, guardian, conservator, or trustee for a family trust, authorized trust, or testamentary trust, or receiver…
field of membershipThe 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…
Finance ChargeThe 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.
Financial Regulatory AgencyAn organization authorized by statute for ensuring the safe and sound operation of financial institutions chartered to conduct business under that…
Financial SecrecyThis term refers to the confidentiality afforded to financial transactions either by enactment of law or by other means.
First MortgageA real estate loan which is in a first lien position, taking priority over all other liens.
first mortgage loanA 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…
Fixed Rate LoanThe 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…
Fixed Rate MortgageA 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.
Float1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks.
Flood InsuranceFlood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during…
Flood PlainA strip of relatively flat and normally dry land alongside a stream, river, or lake that is covered by water during a flood.
ForeclosureA legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.
foreign banks with state branchesA banking organization that is headquartered outside the United States, but wants a presence in the United States, most commonly establishes a branch or…
Foreign Transaction FeesA fee assessed by your bank for making a transaction at another bank's ATM.
Forged CheckA check on which the drawer's signature has been forged.
ForgeryThe fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check.
franchiseA legal agreement by which a company (franchisor) licenses its trade name and/or business system and practices for a fee to another (franchisee).
Fraud AlertA key provision of the Fair and Accurate Credit Transactions Act of 2003 is the consumer's ability to place a fraud alert on their credit record.
Freedom of Information Act (FOIA)A Federal law that mandates that all the records created and kept by Federal agencies in the executive branch of government must be open for public…
Frozen AccountAn account on which funds may not be withdrawn until a lien is satisfied and a court order or other legal process makes the account available for…
FurnisherAn entity that provides information about a consumer to a consumer reporting agency for inclusion in a consumer report.