Banking terms starting with N

9 terms

1. National Bank 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.
2. National Bank Examiner 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…
3. National Credit Union Administration (NCUA) The Federal regulatory agency that charters and supervises Federal credit unions.
4. National Flood Insurance Program (NFIP) The program of flood insurance coverage and floodplain management administered under the Flood Disaster Protection Act (FDPA or Act) and applicable…
5. Negotiable Order of Withdrawal Account (NOW) A savings account from which withdrawals can be made by negotiable orders of withdrawal (functional equivalent of checks).
6. Nominee A nominee is an individual or entity, which acts on behalf of a beneficial owner.
7. Nominee Director Every IBC must have a Board of Directors. The Board may consist of one person or many people.
8. Noneconomic substance transaction Means the disallowance of any loss, deduction or credit, or addition to income attributable to a determination that the transaction or arrangement lacks…
9. Not Automatically Protected There are several types of Federal benefits that are not automatically protected under 31CFR 212: Federal benefits received by check rather than direct…