Exercise 16 Answers

Exercise 16 Answers - Exercise 16 Chapter 13 1. Define the...

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Exercise 16 – Chapter 13 1. Define the following: (i) Unit Banks – Banks without branches (ii) Bank Charter – Permission to start a bank (iii) State Banking Authorities – charters State Banks (iv) National Banking Act – Bank Legislation that was passed in 1863 that created the OCC. (Imposed tax on banknotes issued by state banks. Banknotes issued by National Banks were tax free) (v) Office of the Comptroller of Currency – An agency established within the Treasury Department to charter National Banks. (vi) State Banks – Chartered by State Banking Authorities (75% of U.S. Banks are State Banks) (vii) National Banks – Chartered by OCC (viii) Dual Banking System – co-existence of State Banks and National Banks (ix) Member Banks – Members of the Federal Reserve System (x) FDIC – Created in Glass-Steagall Act to insure deposits at Banks. (xi) Bank Holding Company – A corporation that has a controlling ownership of a bank . (xii)
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Exercise 16 Answers - Exercise 16 Chapter 13 1. Define the...

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