DQ4.docx - Santosh Vemula 2019_SPR_MAIN_Legal Regulations...

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Santosh Vemula 2019_SPR_MAIN_Legal Regulations, Compliance and Investigation_43 University of the Cumberlands Discussion 4 Types of Financial Institutions Financial institutions are the firms that provide financial services and advice to their clients. The financial institutions are generally regulated by the financial laws of the government authority[ CITATION Amu17 \l 1033 ]. Various types of financial institutions are as follows: Commercial Banks Credit Unions Stock Brokerage Firms Asset Management Firms Insurance Companies Finance Companies
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Building Societies Retailers Commercial Banks Institutions A commercial bank can be defined as a type of financial institution which provides a wide range of services such as mortgage lending, giving business and auto loans and accepting deposits[ CITATION AnH16 \l 1033 ]. The commercial bank also deals with basic investment products such as savings accounts and certificates of deposit. The traditional commercial banks come with all facilities such as safe deposit boxes, bank tellers, ATMs and vaults. However, there are some commercial banks that do not have any physical branches. Here the customer is required to undertake all transactions either through the Internet or by phone[ CITATION Ber141 \l 1033 ]. Credit Unions Institutions The Credit Union is known by various names across the world and is a member-owned, not-for- profit financial cooperative. Unlike other banks and financial institutions, the Credit Unions are established and operated by the members. In the Credit Union, the profits are shared amongst the members[ CITATION Das15 \l 1033 ]. There is no set standard for the Credit Union. It can range from an organization with just a few members to a large one where there are thousands of people. In the Credit Union the members pool their money in the bank so that they can provide
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  • Summer '18
  • Jeff Sallee

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