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n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the Federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. Bank accounts are insured up to $100,000 per account by the Federal Deposit Insurance Corporation. Most banks are so-called "commercial" banks with broad powers. In the east and midwest there are some "savings" banks which are basically mutual banks owned by the depositors, concentrate on savings accounts, and place their funds in such safe investments as government bonds. Savings and Loan Associations have been allowed to perform some banking services under so-called deregulation in 1981, but are not full-service commercial banks and lack strict regulation. Mortgage loan brokers, and thrift institutions (often industrial loan companies) are not banks and do not have insurance and governmental control. Severe losses to customers of these institutions have occurred in times of economic contraction or due to insider profiteering or outright fraud. Credit Unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers. 2) a group of judges sitting together as an appeals court, referred to as "in bank" or "en banc."

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorized to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz : of deposit, of discount, and of circulation; they generally perform all these operations. Vide Metc. & Perk. Dig. Banks and Banking.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Moscow: The Bank of Russia will carry out an evaluation of the Internal Capital Adequacy Assessment Process and capital adequacy assessments for credit institutions.
As reported, Saeima in early June adopted the amendments to the Credit Institutions Law in the final reading.
Credit institutions may include in their specific activities only those authorized by the legislature and those they are able to perform based on the business plan.
The Capital Requirements Directive/ Capital Requirements Regulation IV package is the legal framework regulating the activity of the prudential supervisory framework and the prudential requirements for the credit institutions and the investment firms in the EU Member States.
(7.) The prior approval of the Bank of Greece is required for a credit institution to invest in other companies in amounts that exceed the lower of GRD 700 million or 2 percent of capital.
The management and owners of the credit institution failed to take effective measures to normalise its activities.
According to the Bank of Estonia, focusing on the budget policy goal in the way suggested in the draft legislation could in the future weaken the stability of the financial system and decrease the ability of the credit institutions to fund investments necessary for the economy.
Central Bank of Cyprus announced Monday that credit institutions are obliged to inform and explain adequately to borrowers experiencing financial difficulties, their rights and obligations during the procedure of management of delays and loan restructuring.
In conclusion for any credit institution the successful coverage of the first stage within the authorization process (materialized in attaining the set-up approval) conditions its set-up as legal entity by registering to the Trade Register Office whilst the coverage of the second stage (materialized in attaining the operating permit) conditions only the possibility to perform the activities for which it was authorized by the National Bank of Romania.
(7)The term cross-border services refers to the provision of services by a credit institution located in one member state to consumers of these services in another member state without the establishment of a branch in the host state.
Problems in the credit institution's operations owe their origin to the use of a risky business model focused on loans to companies related to the credit institution's management, which resulted in multiple low-quality assets building up on its balance sheet.

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