TOPIC 9: FUNCTION, PURPOSE, AND REGULATION OF FINANCIAL INSTITUTIONS in .NET framework

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TOPIC 9: FUNCTION, PURPOSE, AND REGULATION OF FINANCIAL INSTITUTIONS
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1 Banks A Primary depository for checking accounts and short-term nancing for corporations B Insured by the Federal Deposit Insurance Corporation (FDIC) 2 Credit unions A Primary depository for checking accounts and short-term nancing for corporations B Nonpro t, cooperative nancial institutions owned and run by members C Members pool their funds to make loans to one another The volunteer board that runs each credit union is elected by the members D Depositors bene t from earnings in the form of dividends after operating expenses are paid and reserve requirements are satis ed E Organized to serve people in a particular community, group or groups of employees, military, or members of an organization or association F Insured by the National Credit Union Administration (NCUA), an agency of the United States government, for losses up $100,000 3 Brokerage companies A Primary depositories of investment accounts for trading stocks and bonds B The distinction between brokerage rms and banks has become blurred; however, the Glass-Steagall Act of 1933 forbids banks from underwriting corporate securities C Insured by the Securities Investor Protection Corporation (SIPC) 4 Insurance companies A Primary places for obtaining life, health, property, and disability insurance B In the McCarran-Ferguson Act, Congress reaf rmed the right of the federal government to regulate insurance, but agreed it would not exercise this right as long as the industry was adequately regulated by the states In effect, the law explicitly grants the states the power to regulate the insurance business C The National Association of Insurance Commissioners (NAIC) is composed of the commissioners of insurance from all states It has no legal power over insurance regulation, but the Commissioner of Insurance in each state is charged with the administration of the state s insurance laws and operations and recommends legislation 5 Mutual fund companies A Primarily start open-end and closed-end mutual funds and sell these to the investing public, but some offer other services like the sale of stocks and bonds B Insured by the SIPC 6 Other A Savings and loans (1) Primarily a source for mortgage loans (2) Insured by the FDIC B Federal Deposit Insurance Corporation (FDIC) (1) Reimburses the depositor for any losses up to $100,000
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20 - General Principles of Financial Planning (2) A depositor does not have to be a US citizen, or even a resident of the United States Protects deposits that are payable in the United States Deposits payable only overseas are not protected (3) All types of deposits received by a nancial institution in its usual course of business are insured (4) FDIC does not insure Treasury securities (5) Deposits in different institutions are insured separately If an individual deposits at the main of ce and at one or more branch of ces of the same institution, the deposits are added together in calculating deposit insurance coverage (6) Deposits maintained in different categories of legal ownership are separately insured A depositor can have more than $100,000 insurance coverage in a single institution Joint accounts are insured separately from single-ownership accounts (7) IRA and Keogh funds are separately insured from any nonretirement funds the depositor may have at an institution If a depositor has both a Roth IRA and a traditional IRA at an insured depository institution, the funds in those accounts would be added together C Securities Investor Protection Corporation (SIPC) (1) SIPC protects customers of broker-dealers as long as the broker-dealer is an SIPC member (2) If an SIPC member s registration with the US Securities and Exchange Commission is terminated, the broker-dealer s SIPC membership is also automatically terminated (3) The cost of insurance is paid by brokerage rms that are members of the SIPC (4) Customers of a failed brokerage rm get back all securities (such as stocks and bonds) that already are registered in their names or are in the process of being registered (5) If suf cient funds are not available in the rm s customer accounts to satisfy claims within these limits, the reserve funds of SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $100,000 for cash claims (6) Among the investments that are ineligible for SIPC protection are commodity futures contracts and currency, as well as investment contracts (such as limited partnerships) that are not registered with the US Securities and Exchange Commission under the Securities Act of 1933
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