depository institution. 1. An organization formed under state or federal law, authorized by law to receive deposits, and supervised and examined by a government agency for the protection of depositors. [Cases: Banks and Banking 1–62. C.J.S. Banks and Banking §§ 2–126, 480–481, 663–664, 697, 732–739, 746–748, 755, 758–783.] 2. A trust company or other institution […]
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The central bank that sets credit and monetary policy by fixing the reserves to be maintained by depository institutions, determining the discount rate charged by Federal Reserve Banks, and regulating the amount of credit that may be extended on any security. • The Federal Reserve System was established by the Federal Reserve Act of 1913.
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investment adviser. A person who, for pay, advises others, either directly or through publications or writings, about the value of securities or the advisability of investing in, purchasing, or selling securities, or who is in the business of issuing reports on securities. • The term generally excludes an employee of an investment adviser; a depository
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Federal Reserve System. The central bank that sets credit and monetary policy by fixing the reserves to be maintained by depository institutions, determining the discount rate charged by Federal Reserve Banks, and regulating the amount of credit that may be extended on any security. • The Federal Reserve System was established by the Federal Reserve
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Bankruptcy. An unsecured claim that, under bankruptcy law, must be paid before other unsecured claims. • The Bankruptcy Code sets forth nine classes of claims, to be paid in order of priority: (1) administrative expenses of the bankruptcy estate, (2) involuntary gap claims, (3) wage claims, (4) contributions to employee benefit plans, (5) claims of
Fed Wire. The Federal Reserve’s computer network that allows nearly instantaneous domestic money and securities transfers among the Federal Reserve’s offices, depository institutions, the U.S. Treasury, and other government agencies.
A bank or other financial institution that collects and disburses money and services as a depository of private and public funds on another’s behalf.
An institution whose business is the safekeeping of securities or other valuables deposited in boxes or safes leased to the depositors. See DEPOSITARY; DEPOSITORY.
depositary. 1. A person or institution that one leaves money or valuables with for safekeeping (a title-insurance officer is the depositary of the funds). • When a depositary is a company, it is often termed a safe-deposit company. Cf. DEPOSITORY. [Cases: Deposits and Escrows 13. C.J.S. Depositaries §§ 15–17; Escrows§§ 8–10.] 2. A gratuitous bailee.
money service business, n. A nonbank entity that provides mechanisms for people to make payments or to obtain currency or cash in exchange for payment instruments. • Money service businesses do not accept deposits or make loans. They include money transmitters, payment instrument sellers, stored-value providers, check cashers, and currency exchangers. — Also termed nonbank
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