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Banking Terms - FFair and Accurate Credit Transactions Act of 2003 (FACTA) - (legislation designed to help consumers protect their identities and recover from identity theft)
Fair Credit Billing Act (FCBA) - (federal legislation designed to facilitate the handling of credit complaints and eliminate abusive credit billing practices)
Fair Credit Reporting Act of 1970 (FCRA) - (federal legislation establishing national credit reporting standards)
Farm Credit System (FCS) - (nationwide cooperative system of banks and associations providing credit to farmers, agricultural concerns, and related businesses)
Farmers Home Administration (FHA) (FmHA) - (U.S. Department of Agriculture agency providing loans to farmers in rural areas)
Federal Credit Union Act (FCUA) - (legislation relating to federally chartered non-profit consumer cooperatives)
Federal Agricultural Mortgage Corporation (Farmer Mac) (FAMC) - (stockholder-owned company created by the Agricultural Credit Act of 1987 to improve the availability of long-term credit for America's farmers)
Federal Association (FA) -
Federal Bureau of Investigation (FBI) - (U.S. federal law enforcement agency dealing with federal crimes)
Federal Credit Union (FCU) - (federally chartered non-profit consumer cooperative)
Federal Deposit Insurance Act of 1950 (FDIA) - (federal legislation related to insured banking deposits - the 1950 Act revised earlier Federal Deposit Insurance Corporation (FDIC) legislation and consolidated the program into a single, separate act)
Federal Deposit Insurance Corporation (FDIC) - (federal agency managing the Deposit Insurance Fund (DIF), insuring depositor accounts in banks and thrift institutions up to $250,000 in principal and interest)
Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) - (federal law enacted to address the thrift industry crisis)
Federal Financial Institutions Examination Council (FFIEC) - (coordinating group of federal and state banking regulators created to promote uniform supervision of U.S. financial institutions)
Federal Financing Bank (FFB) - (agency in the U.S. Treasury established by Congress in 1973 to centralize borrowing by federal agencies by providing them loans)
Federal Home Loan Bank Board (FHLBB) - (federal agency created by the Federal Home Loan Bank Act of 1932 to regulate federal and state savings and loan associations - thrifts - replaced in 1989 by the Office of Thrift Supervision (OTS))
Federal Home Loan Banks (FHLB) - (12 regional banks that govern thrifts in their region)
Federal Home Loan Mortgage Corporation - known as Freddie Mac (FHLMC) - (public corporation supervised by the Federal Housing Finance Administration which purchases and guarantees mortgages)
Federal Housing Administration (FHA) - (federal agency that insures residential mortgages)
Federal Housing Finance Agency (FHFA) - (independent agency created in 2008 to regulate and supervise the government-sponsored enterprises (GSEs) involved in lending)
Federal Housing Finance Board (FHFB) - (U.S. government agency created by Congress in 1989 to assume oversight of the Federal Home Loan Bank System)
Federal Identification Number (FIN) - (taxpayer identification number for federal taxes)
Federal Insurance Contributions Act (FICA) - (Social Security tax - federal law requiring employers to withhold wages and make payments to a government trust fund providing retirement and other benefits)
Federal Insurance Office (FIO) - (federal office in the Treasury Department created by the Dodd-Frank Act to monitor and coordinate all aspects of insurance)
Federal Land Bank (FLB) - (one of 12 banks under the U.S. Farm Credit Administration that extends long-term mortgage credit to crop farmers and cattle raisers for buying land, refinancing debts, or other agricultural purposes)
Federal National Mortgage Association (Fannie Mae) (FNMA) - (publicly owned, government-sponsored corporation established in 1938, to purchase both government-backed and conventional mortgages from lenders and securitize them)
Federal Open Market Committee (FOMC) - (committee of the Federal Reserve which carries out monetary policy objectives by buying and selling government securities, normally U.S. Treasury bills, on the open market)
Federal Reserve Board (FRB) - (seven-member board governing the Federal Reserve System, with authority to issue banking regulations and oversee banking institutions)
Federal Reserve System (FED) (FRS) - (central federal banking system in the U.S. with 12 regional banks)
Federal Reserve Wire Network (Fed Wire) - (high-speed electronic communications network linking the Federal Reserve with the Federal Reserve regional banks and branchese, the US Treasury, and other federal agencies)
Federal Savings Association (FSA) - (federal depository institution charter originally established to focus on consumer real estate lending under the Home Owners' Loan Act)
Federal Savings Bank (FSB) - (savings bank, federally chartered and supervised by the Office of Thrift Supervision)
Federal Savings and Loan Insurance Corporation (FSLIC) - (federal agency established by Congress in 1934 to insure deposits in savings and loan associations and savings banks - disbanded in 1989)
Federal Trade Commission (FTC) - (federal agency established in 1914 which oversees business activities which impact competition and activities involving consumer protection)
Federal Unemployment Tax Act (FUTA) - (legislation under which federal and state governments require employers to contribute to a fund that pays unemployment insurance benefits)
Financial Accounting Standards Board (FASB) - (nongovernmental body with the authority to promulgate U.S. Generally Accepted Accounting Principles (GAAP) and reporting practices)
Financial Action Task Force on Money Laundering (FATF) - (intergovernmental body established to set standards and promote implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing, and other threats to the international financial system)
Financial Crimes Enforcement Network (FinCEN) - (Bureau of the U.S. Treasury Department established in 1990 to provide a government-wide, multisource financial intelligence and analysis network - in 1994 its operations were broadened when it was given regulatory responsibility for administering the Bank Secrecy Act)
financial holding company (FHC) - (financial entity engaged in a broad range of banking-related activities, such as insurance underwriting, which had been prohibited to banks until Gramm-Leach-Bliley in 1999)
Financial Industry Regulatory Authority (FINRA) - (non-profit, self-regulatory organization which oversees brokerage firms and securities representatives in their dealings with the investing public)
Financial Institution Letter (FIL) - (formal letter sent to FDIC chief executive officers/administrators containing announcements of new regulations, FDIC publications, policies, and other matters of interest)
Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) - (federal legislation which provided government funds to insolvent savings and loan associations and increased oversight of savings and loan institutions - abolished the Federal Savings & Loan Insurance Corporation (FSLIC) and replaced it with the Federal Deposit Insurance Corporation (FDIC))
Financial Institutions Regulatory Act of 1978 (FIRA) - (short name for the Financial Institutions Regulatory and Interest Rate Control Act (FIRIRCA) - federal law which created the Federal Financial Institutions Examination Council (FFIEC) and increased oversight of U.S. banking institutions)
Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRIRCA) - (federal law which created the Federal Financial Institutions Examination Council (FFIEC) and increased oversight of U.S. banking institutions)
Financial Management Service (FMS) -
Financial Stability Oversight Council (FSOC) - (organization created by Dodd-Frank to facilitate coordination of financial regulatory policy)
Fleet Post Office (FPO) -
flexible spending account (FSA) - (tax-advantaged account allowing individuals to set aside a portion of their earnings through payroll deduction for medical expenses, dependent care, or other expenses)
Floating Rate Note (FRN) - (variable rate bonds with an interest rate that is periodically reset, usually every three to six months)
Foreign Banking Office(s) (FBO) - (a foreign banking office of a domestic bank)
Foreign Credit Insurance Association (FCIA) - (voluntary association of some 50 U.S. insurance companies, under the sponsorship of the Export-Import Bank, providing insurance coverage for credits extended by U.S. exporters to foreign purchasers)
Foreign Gateway Operator (FGO) - (operator of a gateway - financial institution, ACH (Automatic Clearing House) Operator, or ODFI (Originating Depository Financial Institution) - that acts as a banking entry point to or exit point from a foreign country)
forward rate agreement (FRA) - (contract by which two parties agree on the interest rate to be paid at a future settlement date)
Frequently Asked Questions (FAQ) -
Futures Commission Merchant (FCM) - (firm or person engaged in soliciting or accepting orders for the purchase or sale of futures contracts)
Report of Foreign Bank and Financial Accounts (FBAR) - (report of financial accounts located in foreign countries outside the U.S. where the total value exceeds $10,000)