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Intro to Banking
Acronyms
Loans
Mystery
100
A document issued by a federal or state supervisory agency granting a bank or other FI the right to do business.
What is a Charter?
100
A mortgage on which the rate is subject to periodic adjustment. The rate usually is tied to a widely published market index or rate of interest.
What is ARM?
100
A loan is considered this on a balance sheet?
What is an asset?
100
The banks largest liability on the balance sheet.
What are customer deposits?
200
The regulator that is assigned to state chartered banks and supervises and examines WTC.
What is the FDIC?
200
Allows cash management customers to scan deposits to the bank from their place of business.
What is RDC?
200
What type of loan category would a HELOC be considered?
What is a consumer loan?
200
DAILY DOUBLE!!!!!!!!!!!! Which Washington Trust Employee was a contestant on Jeopardy in 1987?
Who is Bill Wray?
300
Which came first, the act or the regulation?
What is an Act?
300
A program used by banks to properly verify a customer's identity. The policies were introduced with the implementation of the USA Patriot Act.
What is CIP?
300
Property or other asset that a borrower offers as a way to secure the loan.
What is collateral?
300
This act replaced the Glass-Steagall Act (1933).
What is the Gramm Leach Bliley Act (1999)?
400
The system in which state and national banks are chartered and supervised at different levels. National banks = federal law, supervised by OCC; State Banks = state law, supervised by FDIC.
What is dual banking?
400
This agency was formed as a result of the Dodd Frank Wall Street Reform and Consumer Protection Act to help protect consumers make financial decisions.
What is CFPB (Consumer Financial Protection Bureau)?
400
Prohibits lenders from denying a loan or increasing the cost of a loan based on personal characteristics or conduct unrelated to creditworthiness. ie. Discriminating against applicants on the basis of age, race, color, religion, national origin, etc.
What is the Equal Credit Opportunity Act (Regulation B)?
400
Upon the death of a joint owner, the survivor has the right to all funds remaining.
What is Tenancy with Right of Survivorship?
500
This act was formed in response to the 2008 recession.
What is the Dodd Frank Act 2010?
500
A fine imposed by a civil court on an individual, business, or organization that has profited from illegal or unethical activity or has violated a law or regulation.
What is CMP (Civil Money Penalty)?
500
Excluding loan customers because they wish to finance real estate located in a certain geographic area, regardless of whether they are depositors or meet all other criteria of creditworthiness.
What is redlining?
500
The insurance amount that is covered by the FDIC per depositor.
What is $250,000.00?