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Definition of Fed
See federal Reserve System.
An electronic funds transfer system used by businesses to remit taxes to the government.
Securities issued by corporations and agencies created by the U.S. government,
Agencies of the federal government set up to supply credit to various classes of
A federal institution that insures bank deposits.
A unique identification number issued
A federal institution that lends to a wide array of federal credit agencies funds it
Non-interest bearing deposits held in reserve for depository institutions at their district federal
The market where banks can borrow or lend reserves, allowing banks temporarily
This is the interest rate that banks with excess reserves at a federal Reserve district bank
The interest rate at which banks lend deposits at the federal Reserve to one another overnight.
The institutions that regulate and lend to savings and loan associations. The
A federal Act authorizing the government to collect Social Security and Medicare payroll taxes.
fed committee that makes decisions about open-market operations.
The twelve district banks in the federal Reserve System.
Board of Governors of the federal Reserve System.
Federal Reserve System
The central bank of the U.S., established in 1913, and governed by the federal
Federal Reserve System
The central banking authority responsible for monetary policy in the United States.
Federal Reserve (the Fed)
The central bank in the United States, responsible for setting interest rates.
Federal Unemployment Tax Act (FUTA)
A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
Federally related institutions
Arms of the federal government that are exempt from SEC registration and
A wire transfer system for high-value payments operated by the federal Reserve System.
Forward Fed funds
fed funds traded for future delivery.
Freddie Mac (Federal Home Loan Mortgage Corporation)
A Congressionally chartered corporation that
Term Fed Funds
fed Funds sold for a period of time longer than overnight.
federal agency securities.
Mortgage pass-through securities whose principal and interest payments are
Assuris is a not for profit organization that protects Canadian policyholders in the event that their life insurance company should become insolvent. Their role is to protect policyholders by minimizing loss of benefits and ensuring a quick transfer of their policies to a solvent company where their benefits will continue to be honoured. Assuris is funded by the life insurance industry and endorsed by government. If you are a Canadian citizen or resident, and you purchased a product from a member life insurance company in Canada, you are protected by Assuris.
Back To Back Annuity
This term refers to the simultaneous issue of a life annuity with a non-guaranteed period and a guaranteed life insurance policy [usually whole life or term to 100]. The face value of the life insurance would be the same amount that was used to purchase the annuity. This combination of life annuity providing the highest payout of all types of annuities, along with a guaranteed life insurance policy allowed an uninsurable person to convert his/her RRSP into the best choice of annuity and guarantee that upon his/her death, the full value of the annuity would be paid tax free through the life insurance policy to his family members. However, in the early 1990's, the federal tax authorities put a stop to the issuing of standard life rates to rated or uninsurable applicants. Insuring a life annuity in this manner is still an excellent way to provide guaranteed tax free funds to family members but the application for the annuity and the application for the life insurance are separate transactions and today, most likely conducted through two different insurance companies so that there is no suspicion of preferential treatment given to the life insurance application.
Bank for International Settlements (BIS)
An international bank headquartered in Basel, Switzerland, which
The Treasury and federal agencies are moving to a book-entry system in which securities are not represented by engraved pieces of paper but are maintained in computerized records at the
Canada Savings Bonds
A bond issued each year by the federal government. These bonds can be cashed in at any time for their full face value.
The Commodity Futures Trading Commission is the federal agency created by Congress to regulate
An internal department within a company staffed by specialists in collecting past due accounts or accounts receivable.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A federal Act
Consumer Credit Protection Act
A federal Act specifying the proportion of
Contract Work Hours and Safety Standards Act
A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
Cost Accounting Standards Board (CASB)
a body established by Congress in 1970 to promulgate cost accounting
Creditor Proof Protection
The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
Current Tax Payment Act of 1943
A federal Act requiring employers to withhold income taxes from employee pay.
Davis-Bacon Act of 1931
A federal Act providing wage protection to nongovernment
Refers to the generally accepted accounting principle of allocating
The interest rate that the federal Reserve charges a bank to borrow funds when a bank is
The interest rate at which the fed is prepared to loan reserves to commercial banks.
Facility provided by the fed enabling member banks to borrow reserves against collateral
The federal Reserve facility at which reserves are loaned to banks at the discount rate.
Specialized banking institutions, authorized and chartered by the federal Reserve Board
Eligible bankers' acceptances
In the BA market, an acceptance may be referred to as eligible because it is
Employee Retirement Income Security Act of 1974 (ERISA)
A federal Act that sets minimum operational and funding standards for employee benefit
Equal Pay Act of 1963
A federal Act requiring that both sexes receive equal pay
Export-Import Bank (Ex-Im Bank)
The U.S. federal government agency that extends trade credits to U.S.
Fair Labor Standards Act of 1938
A federal Act creating standards of overtime
Family and Medical Leave Act
A federal Act containing the rules for offering
federal Deposit Insurance Corporation.
The acronym for the federal Insurance Contributions Act, also used to describe
Government bonds that are acceptable at par in payment of federal estate taxes when owned by
See federal Open Market Committee.
A form used to report federal unemployment tax remittances and liabilities.
Excess reserves minus member bank borrowings at the fed.
A reverse repurchase agreement between mortgage firms and securities dealers. Under the
When the fed offers to buy securities, to sell securities, to do repo, or to do reverses, it solicits
Health Insurance Portability and Accountability Act of 1996 (HIPAA)
A federal Act expanding upon many of the insurance reforms created by
Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (IIRIRA)
A federal Act shielding employers from liability if they have made
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
Initial margin requirement
When buying securities on margin, the proportion of the total market value of
Internal Revenue Code
Refers to all federal tax laws as a group.
Internal Revenue Service
A federal agency empowered by Congress to interpret and enforce tax-related laws.
Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or
Margin account (Stocks)
A leverageable account in which stocks can be purchased for a combination of
McNamara-O'Hara Service Contract Act of 1965
A federal Act requiring federal contractors to pay those employees working on a federal contract at
An hourly wage rate set by the federal government below
Actions taken by the Board of Governors of the federal Reserve System to influence the
Money market fund
A mutual fund that invests only in short term securities, such as bankers' acceptances,
Negotiable order of withdrawal account, an interest-bearing bank account on which a special check called a negotiable order of withdrawal could be written. Because NOWs are not technically checks, by this means it was possible for banks to circumvent fed regulations prohibiting payment of interest on checking accounts.
Payroll tax expense
The amount of tax associated with salaries that an employer pays to governments (federal, state, and local).
Pension Benefit Guaranty Corporation (PBGC)
A federal agency that insures the vested benefits of
Personal Responsibility and Work Opportunity Reconciliation Act
A federal Act requiring the reporting of new hires into a national database.
The outstanding principal balance divided by the original principal balance with the result
Project notes (PNs)
Project notes are issued by municipalities to finance federally sponsored programs in
Registered Pension Plan
Commonly referred to as an RPP this is a tax sheltered employee group plan approved by federal and Provincial governments allowing employees to have deductions made directly from their wages by their employer with a resulting reduction of income taxes at source. These plans are easy to implement but difficult to dissolve should the group have a change of heart. Employer contributions are usually a percentage of the employee's salary, typically from 3% to 5%, with a maximum of the lessor of 20% or $3,500 per annum. The employee has the same right of contribution. Vesting is generally set at 2 years, which means that the employee has right of ownership of both his/her and his/her employers contributions to the plan after 2 years. It also means that all contributions are locked in after 2 years and cannot be cashed in for use by the employee in a low income year. Should the employee change jobs, these funds can only be transferred to the RPP of a new employer or the funds can be transferred to an individual RRSP (or any number of RRSPs) but in either scenario, the funds are locked in and cannot be accessed until at least age 60. The only choices available to access locked in RPP funds after age 60 are the conversion to a Life Income Fund or a Unisex Annuity.
Registered Retirement Savings Plan (Canada)
Commonly referred to as an RRSP, this is a tax sheltered and tax deferred savings plan recognized by the federal and Provincial tax authorities, whereby deposits are fully tax deductable in the year of deposit and fully taxable in the year of receipt. The ability to defer taxes on RRSP earnings allows one to save much faster than is ordinarily possible. The new rules which apply to RRSP's are that the holder of such a plan must convert it into income by the end of the year in which the holder turns age 69. The choices for conversion are to simply cash it in an pay full tax in the year of receipt, convert it to a RRIF and take a varying stream of income, paying tax on the amount received annually until the income is exhausted, or converting it into an annuity with guaranteed payments for a chosen number of years, again paying tax each year on moneys received.
Regular way settlement
In the money and bond markets, the regular basis on which some security trades are
fed regulation currently that required member banks to hold reserves against their net
fed regulation currently requiring member banks to hold reserves against their net borrowings
fed regulation imposing caps on the rates that banks may pay on savings and time deposits.
An agreement with a commitment by the seller (dealer) to buy a security back from
The dollar amounts based on reserve ratios that banks are required to keep on deposit at a federal Reserve Bank.
Specified percentages of deposits, established by the federal Reserve Board, that banks must
The percentage of different types of deposits that member banks are required to hold
The Securities and Exchange Commission, the primary federal regulatory agency of the securities
Securities and Exchange Commission (SEC)
The federal agency that
Securities and Exchange Commission (SEC)
federal agency responsible for regulation of securities markets in the United
Securities and Exchange Commission (SEC)
A federal agency that administers securities legislation,
Securities & Exchange Commission
The SEC is a federal agency that regulates the U.S.financial markets.
Self-Employment Contributions Act (SECA)
A federal Act requiring self-employed business owners to pay the same total tax rates for Social Security and
Social Security Act of 1935
A federal Act establishing Old Age and Survivor’s
Staff Accounting Bulletin (SAB)
Interpretations and practices followed by the staff of the Office of the Chief Accountant and the Division of Corporation Finance in administering the disclosure
Statutory Tax Rate
The income tax rate that is stated in income tax law. It is applied to taxable
The municipal bond market where state and local governments raise funds. Bonds issued
Uniform Interstate Family Support Act
A federal Act specifying which jurisdiction
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