Federally insured financial institution definition

Federally insured financial institution means a savings bank, savings and loan association, or credit union, whether state or federally chartered, or a federally insured bank, authorized to conduct business in this state.
Federally insured financial institution means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government.
Federally insured financial institution means an institution in which monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.

Examples of Federally insured financial institution in a sentence

  • Policies and control procedures are sufficient to safeguard against error, carelessness, conflict of interest, self-dealing and fraud.As a Federally insured financial institution, Medina County Federal Credit Union falls under the authority of the National Credit Union Administration (NCUA), an agency of the Federal government.

  • In lieu of a bond, (a) a letter of credit, drawn on a Federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assisgned to the City made by a Federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City.

  • The Lessee agrees to obtain and deliver to the District Engineer, within thirty (30) days, either a valid surety bond issued by a surety corporation licensed by a state regulatory entity, a performance deposit, or an irrevocable letter of credit issued by a Federally insured financial institution in a form satisfactory to the District Engineer.

  • The prime contractor establishes an escrow account in a Federally insured financial institution and enters into a tripartite escrow agreement with the financial institution, as escrow agent, and all of the suppliers of labor and material.

  • DEPOSIT OF CONTRIBUTIONS.-- Each contribution in the control or custody of the professional solicitor shall in its entirety and within five days of its receipt be deposited, maintained and administered in an account at a bank or other Federally insured financial institution which shall be in the name of the charitable organization and over which that charitable organization shall have sole control of all withdrawals.

  • The Board Chairman, Board Treasurer, and Head of Schools have the authority to enter into an agreement with a bank or other Federally insured financial institution once the Board has adopted a formal resolution at a board meeting designating the bank for the school to use for its financial transactions.

  • In lieu of a bond, (a) a letter of credit, drawn on a Federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a Federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City.

  • A written commitment by a Federally insured financial institution to pay all or part of a stated amount of money, until the expiration date of the letter, upon presentation by the Government (the beneficiary) of a written demand therefor.

  • Registration does not imply endorsement.* * *(h) Deposit of contributions.--Each contribution in the control or custody of the professional solicitor shall in its entirety and within five days of its receipt be deposited, maintained and administered in an account at a bank or other Federally insured financial institution which shall be in the name of the charitable organization and over which that charitable organization shall have sole control of all withdrawals.

  • The rent must be deposited in a Federally insured financial institution or with a bonded independent agent.


More Definitions of Federally insured financial institution

Federally insured financial institution means a financial institution that has its deposits insured by an instrumentality of the federal government, including the Federal Deposit Insurance Corpora- tion (FDIC), Federal Savings and Loan Insurance Corporation (FSLIC) and National Credit Union Administration (NCUA).
Federally insured financial institution means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States.

Related to Federally insured financial institution

  • Affected Financial Institution means (a) any EEA Financial Institution or (b) any UK Financial Institution.

  • EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Financial institution means a Bank, Development Finance Institution, Non Banking Finance Company, Modaraba or an institution registered under relevant laws to provide financial services within or outside Pakistan.

  • Educational institution means a University or any educational institution recognized by the State Government, a University or other competent authority;