Indicate what type of financial institution is being described by each of the fo
ID: 2667006 • Letter: I
Question
Indicate what type of financial institution is being described by each of the following items:a. SEC regulations require that at least two-thirds of this financial institution’s board of directors must be elected by its stockholders.
b. Risk coverage is based upon the number of plan members.
c. Regulated almost entirely by state boards or commissions.
d. Most of the regulation of this financial institution focuses upon its policies and procedures for making consumer loans.
e. Deposits are insured by NCUSIF.
f. This financial institution’s principal regulatory agency is the OTS.
g. All of these financial-service firms were originally mutual in form, but many have recently become stockholder-owned, filing conversion plans with their principal federal regulatory agency.
h. This financial institution must warn individual savers that their shares are not government insured and they may not always be able to maintain their fixed par value.
i. This financial service organization receives its corporate charter (certificate of association) from the Comptroller of the Currency.
j. This financial institution is chartered by the states but belongs to the Federal Reserve System.
Explanation / Answer
a) investment companies or mutual funds b) pension funds c) insurance companies d) finance company e) credit unions f) savings banks and savings and loan associations g) life insurance companies h) money market funds i) a national bank j) state-chartered member bank