Credit unions can have federal, state, or corporate affiliations. Data Processing Servicer Entities primarily engaged in providing infrastructure for hosting or data processing services.
These establishments may provide specialized hosting activities, such as web hosting, streaming services or application hosting, provide application service provisioning, or may provide general time-share mainframe facilities to clients. Data processing establishments provide complete processing and specialized reports from data supplied by clients or provide automated data processing and data entry services.
Domestic Entity Other Domestic institutions that engage in banking activities usually in connection with the business of banking in the United States. Edge corporations can be broken into Domestic Branches, Banking institutions, or Investment institutions. Farm Credit System Institution Any Federally chartered financial institution that is supervised, examined, and regulated by the Farm Credit Administration and operates in accordance with the Farm Credit Act of , as amended, 12 U.
Finance Company Financial intermediary that makes loans to individuals or business. Financial Holding Company A financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity authorized by the Bank Holding Company Act.
The Federal Reserve Board is responsible for supervising the financial condition and activities of financial holding companies. These companies are required to sell any non-financial commercial businesses within ten years. Foreign Bank The term "foreign bank" generally refers to any U. Foreign Banking Organization FBO Foreign banking organizations can acquire or establish freestanding banks or bank holding companies in the United States. These entities are regulated and supervised as domestic institutions.
Foreign Branch of a U. Bank A branch that resides outside of the United States, but has a parent that is located in the United States. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Board of Governors of the Federal Reserve System. Next Story Substance Abuse. The Federal Reserve Banks are not a part of the federal government, but they exist because of an act of Congress. Their purpose is to serve the public. So is the Fed private or public? The answer is both. While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations.
Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also elect six of the nine members of each Bank's board of directors. In Plain English Menu. History of the Fed. History and Purpose of the Fed. History and Responsibilities of the Fed. Board of Governors.
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