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Banking Acronyms

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G

GAAP - Generally Accepted Accounting Principles (accounting rules and conventions defining acceptable practices in recording and reporting financial data and in the preparation of financial statements)

GAAS - Generally Accepted Auditing Standards (rules and guidelines promulgated by the AICPA's Auditing Standards Board relating to the conduct of audits and the reporting of results)

GAB - General Agreements to Borrow (arrangements, whereby members of the Group of Ten countries, make loans to the International Monetary Fund (IMF) to finance drawings by a member of the group)

GAO - Government Accountability Office (independent agency that serves as the investigative arm of Congress, monitoring and reporting on the effectiveness of programs and agencies)

GATT - General Agreement on Tariffs and Trade (international agreement designed to promote trade by reducing tariffs, restrictions, and barriers)

GDR - Global Depositary Receipt (receipt for shares in a foreign-based corporation, traded in capital markets around the world)

GEM - Growing Equity Mortgage (mortgage with a fixed interest rate but varying monthly payments)

GIPS - Global Investment Performance Standards (standardized rules relating to the reporting of investment performance by money managers worldwide)

GLBA - Gramm-Leach-Bliley Act of 1999 (Financial Services Modernization Act) (federal legislation which removed the Glass-Steagal Act restrictions which separated commercial banking from investment banking activities, allowing banks involvement in securities and insurance, while adding privacy and security protections for consumer information)

GMC - Guaranteed Mortgage Certificate (mortgage-backed bond, backed by a pool of mortgages, issued by the Federal Home Loan Mortgage Corporation (FHLMC) (Freddie Mac))

GNMA - Government National Mortgage Association (GINNIE MAE) (federal agency under the Department of Housing and Urban Development (HUD) which guarantees mortgages issued by other federal agencies and issues mortgage-backed securities)

GO - Gateway Operator (an organization or entity - financial institution, ACH Operator, or ODFI (Originating Depository Financial Institution) - that provides or uses electronic transaction processing services which serve as an entry or exit point to or from the United States financial system)

GPM - graduated payment mortgage (fixed rate mortgage with low payments in the early years and higher payments later on)

GPR - general purpose reloadable card (prepaid card in which funds have been paid for in advance and to which value can be added (reloaded))

GSA - General Services Administration (federal agency providing services and assistance to other agencies in areas such as procurement and shared computer services)

GSCC - Government Securities Clearing Corporation (nonprofit subsidiary of the National Securities Clearing Corporation (NSCC) that provides clearing and settlement of U.S. government securities)

GSE - Government Sponsored Enterprise (entities that are government related - Freddie Mac, Fannie Mae, and the Federal Home Loan Banks)