Cute_Chick,
Ill get most of that stuff out to you tonight and in the morning. Also for a little fun what does the NCUA stand for and what does CUNA stand for? OK, OK, i'll answer it! National Credit Union Administration and Credit Union National Association. Wow!!!! Looks like these two NA's got something to do with credit unions both state and federal regulated!! hmmm? I wonder if we could find more info on this??
http://www.ncua.gov/
http://www.cuna.org/
Wow, one is even a liquidity facility (NCUA)! I wonder what liquidity is??
Definition of bank
TITLE 12 > CHAPTER 17 > Sec. 1813. - Definitions As used in this chapter - (a) Definitions of Bank and Related Terms. - (1) Bank. - The term ''bank'' - (A) means any national bank, State bank, and District bank, and any Federal branch and insured branch; (B) includes any former savings association that - (i) has converted from a savings association charter; and (ii) is a Savings Association Insurance Fund member.
TITLE 12 > CHAPTER 17 > Sec. 1841.
Sec. 1841. - Definitions
(c) Bank Defined. - For purposes of this chapter - In general. ¡V (A) An insured bank as defined in section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h)). (B) An institution organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands which both - (i) accepts demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; and (ii) is engaged in the business of making commercial loans.
TITLE 12 > CHAPTER 16 > Sec. 1813.
Sec. 1813. - Definitions As used in this chapter -
(a) Definitions of Bank and Related Terms.
The term ''insured bank'' means any bank (including a foreign bank having an insured branch) the deposits of which are insured in accordance with the provisions of this chapter; and the term ''noninsured bank'' means any bank the deposits of which are not so insured.
(7) Sec. 1752. - Definitions The term ''insured credit union'' means any credit union the member accounts of which are insured in accordance with the provisions of subchapter II of this chapter, and the term ''noninsured credit union'' means any credit union the member accounts of which are not so insured;
TITLE 12 > CHAPTER 3 > SUBCHAPTER I > Sec. 221. Sec. 221. - Definitions Wherever the word ''bank'' is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to.
The terms ''national bank'' and ''national banking association'' used in this chapter shall be held to be synonymous and interchangeable. The term ''member bank'' shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term ''board'' shall be held to mean Board of Governors of the Federal Reserve System; the term ''district'' shall be held to mean Federal reserve district; the term ''reserve bank'' shall be held to mean Federal reserve bank; the term ''the continental United States'' means the States of the United States and the District of Columbia.
Sec. 222. - Federal reserve districts; membership of national banks The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may from time to time be created by the Board of Governors of the Federal Reserve System, not to exceed twelve in all: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. Such districts shall be known as Federal Reserve districts and may be designated by number. When the State of Alaska or Hawaii is hereafter admitted to the Union the Federal Reserve districts shall be readjusted by the Board of Governors of the Federal Reserve System in such manner as to include such State. Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.), and failure to do so shall subject such bank to the penalty provided by section 501a of this title
What is a Bank?
In Blacks Law book, original 4th Edition, a bank is defined as: ¡§ A bench or seat; the bench of the justice; the bench of the tribunal occupied by the judges; the seat of the judgment; a court. The full bench, or full court; the assembly of all the judges of a court.¡¨ Main Entry: 3bank Function: noun tymology: Middle English, from Middle French or Old Italian; Middle French banque, from Old Italian banca, literally, bench, of Germanic origin; akin to Old English benc Date: 15th century 1 a : an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds b obsolete : the table, counter, or place of business of a money changer 2 : a person conducting a gambling house or game; specifically : DEALER 3 : a supply of something held in reserve: as a : the fund of supplies (as money, chips, or pieces) held by the banker or dealer for use in a game b : a fund of pieces belonging to a game (as dominoes) from which the players draw 4 : a place where something is held available <memory bank>; especially : a depot for the collection and storage of a biological product of human origin for medical use <blood bank>
TITLE 12 > CHAPTER 2 > SUBCHAPTER XV > Sec. 214. Sec. 214. - Definitions
(a) As used in this subchapter and section 321 of this title the term ''State bank'' means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, any Territory of the United States, Puerto Rico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia (except a national banking association).
(b) For purposes of merger or consolidation under this subchapter and section 321 of this title the term ''national banking association'' means one or more national banking associations, and the term ''State bank'' means one or more State banks
TITLE 12 > CHAPTER 2 > SUBCHAPTER I > Sec. 21.
Sec. 21. - Formation of national banking associations; incorporators; articles of association
Associations for carrying on the business of banking under title 62 of the Revised Statutes may be formed by any number of natural persons, not less in any case than five. They shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with law, which the association may see fit to adopt for the regulation of its business and the conduct of its affairs. These articles shall be signed by the persons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office
Sec. 329. - Capital stock required as condition precedent to membership No applying bank shall be admitted to membership unless it possesses capital stock and surplus which, in the judgment of the Board of Governors of the Federal Reserve System, are adequate in relation to the character and condition of its assets and to its existing and prospective deposit liabilities and other corporate responsibilities: Provided, That no bank engaged in the business of receiving deposits other than trust funds, which does not possess capital stock and surplus in an amount equal to that which would be required for the establishment of a national banking association in the place in which it is located, shall be admitted to membership unless it is, or has been, approved for deposit insurance under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.). The capital stock of a State member bank shall not be reduced except with the prior consent of the Board
12 USC Banks and Banking
Chapter I of that title contains regulations promulgated by the Comptroller
of the Currency, Department of the Treasury.
ħChapter II, regulations governing the Federal Reserve System.
ħChapter III, the regulations of the Federal Deposit Insurance. Corporation.
ħChapter V, the regulations of the Office of Thrift Supervision of the Department of the Treasury. ħOther chapters contain contains the regulations of the Export-Import Bank, Farm Credit Administration, Natural Credit Union Administration, Federal Financing Bank, Federal Finance Institutions Examination Council, Farm Credit System Insurance Corporation, Thrift Depositor Protection Oversight Board, and the Resolution Trust Corporation.
1. So is your federal insured credit union a member bank of the Federal Reserve?
2. So is your credit union federally insured?
3. So is your credit union in the business of making loans and accepting demand deposit?
4. So does your credit union fall somewhere under the overlooming powers of the OCC and the FRB?
So I guess it is really a bank just like all the rest! They just gotta divie up the pie so it looks good to the public! So is ther a difference in say a credit union and say a Citibank? Well yes but only in the facts of what agency is regulating it and what services it offers but they all FALL UNDER THE OCC AND THE FRB. Other than that, they are the same
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