Money👀

Store if value

Doesnt reslly hold on to its value Like banana goes ratton after a couple weeks

TILA Violations

Intentional violations: Fines up to $5,000 and/or imprisonment up to 12 months Unintentional violations: Damages of two times the finance charge, up to $1,000 maximum

unit of account

It's like a painting you can't price it

Federal Home Loan Banks (FHLBanks)

Lend money to member banks to keep credit flowing in local markets

Medium of exchange

Like a stuffed toy has a lot of value to you but not to someone els

What does it mean if the Fed increases reserve requirements?

Member banks must keep more assets on deposit at the reserve bank.

Which interest rate do banks use to offer consumer loans?

Prime rates

U.S. Mint

Produces coin currency Produces medals Sells and stores platinum, gold, and silver coins

Prime rate

Rate charged by banks to the most creditworthy consumers

Discount rate

Rate charged by the Fed to a member bank when borrowing money with commercial paper as collateral

Federal funds rate

Rate charged on overnight loans between member banks

Truth in Lending Act

TILA's purpose was to better educate the public about the costs of credit and financing through improved disclosures that are required of lenders and credit providers.

The U.S. Treasury

executive agency responsible for promoting economic prosperity and ensuring financial security of the United States

Bureau of Engraving and Printing

produces paper currency Passports and immigration and naturalization certificates

Federal Reserve System

the central bank of the United States

The Federal Deposit Insurance Corporation (FDIC)

the government agency that insures customer deposits if a bank fails