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Business 415 Final Team Assignment

3320 words - 14 pages

Washington Federal Savings
University of Phoenix
Business Law
BUS 415
Deborah Gronet
October 20, 2007

Washington Federal Savings
Washington Federal Savings is a financial institution that has served communities statewide since 1917. As a savings and loan institution, Washington Federal offers checking and savings accounts and mortgage loans. Defining itself amongst competitors, Washington Federal provides customers with the “human touch” in its simplest form - quality customer service. Operating in eight states, Washington Federal maintains a relatively small staff of 885 employees. As a financial institution, Washington Federal is highly regulated by certain federal ...view middle of the document...

The insurance would be provided by a small assessment on the member banks. President Hoover, along with select members of Congress, was opposed to the bill; Hoover, because he felt the insurance would protect irresponsible bankers, and Senators Vandenberg and Steagall, because there was no ceiling on the guarantees. Finally, in June 1933, a proposal to create a temporary fund to cover the insurance and a ceiling of $2500 per depositor was accepted, the bill was passed, and the Federal Deposit Insurance Corporation was born.
Today, the FDIC insures virtually every financial institution in the nation, though FDIC insurance does not cover every type of bank account. The accounts currently covered by FDIC insurance are: interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, certificates of deposit, outstanding cashier’s checks, and other negotiable items drawn on accounts of the bank (FDIC, 2000). The basic coverage is $100,000 per depositor, per insured bank. Deposits in one insured bank are insured separately from deposits in a different insured bank. In special circumstances, such as joint accounts and revocable trust accounts, more than $100,000 worth of FDIC coverage from the same financial institution is applicable; however the rules governing this are complicated. The Federal Deposit Insurance Reform Act of 2005 raised the limit of FDIC coverage from $100,000 to $250,000 for Individual Retirement Accounts (Congressional Record, 2005).
Perhaps just as important as knowing what is covered by FDIC insurance, is knowing what is not covered; the FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities even if such assets were purchased from an FDIC insured institution. The FDIC also does not cover U.S. Treasury Bills, bonds or notes, though these types funds are backed by the credit of the U.S. Government.

Federal Reserve Board
The Federal Reserve Act, enacted December 23, 1913 and signed by President Woodrow Wilson, created the Federal Reserve System also referred to as the central banking system of the United States of America. According to The Federal Reserve Board, The Federal Reserve Act was created to “ provide for the establishment of Federal Reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States” (The Federal Reserve Board, 2007). The Federal Reserve was created with the intended purpose of regulating banking and banking practices within the United States, on behalf of both banks and the common wealth.
The Federal Reserve provides loans to commercial banks and is authorized to issue the Federal Reserve notes that make up America’s entire supply of paper money (About, Inc., 2007). The Federal Reserve System is comprised of various essential entities. First, the...

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