What Is the Office of the Comptroller of the Currency? The Office of the Comptroller of the Currency (OCC) is a federal agency that oversees the execution of laws relating to national banks. Specifically, it charters, regulates, and supervises national banks, federally chartered savings associations, and federal branches and agencies of foreign banks in the U.S.
What Is the Office of the Superintendent of Financial Institutions (OSFI)? The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada that is responsible for the supervision and regulation of banks, insurance companies, and trust and loan companies. The agency also regulates private pension plans, which are
What Is an Official Settlement Account? An official settlement account is a special type of account used in international balance of payments (BoP) accounting to keep track of central banks’ reserve asset transactions with one other. The official settlement account keeps track of transactions involving gold, foreign exchange reserves, bank deposits and special drawing rights
What is an Official Strike? An official strike is a work stoppage by union members that is endorsed by the union and that follows the legal requirements for striking, such as being voted on by a majority of union members. Workers engaging in official strikes have better protections against being fired as opposed to an
What Is an Offline Debit Card? An offline debit card is a type of automated payment card, similar to a traditional (online) debit card, that allows a cardholder to pay for goods and services directly from their bank account. As it is not “online,” there is a delay before the incurred cost is debited from
What Is Off-Premise Banking? The term off-premise banking refers to any bank location that is not part of its primary branch network. They are often located in areas where customers might need quick access to cash, such as airports, shopping centers, and convenience stores. Typically, off-premise banking facilities do not have human tellers, but they
What is an Offset? An offset involves assuming an opposite position in relation to an original opening position in the securities markets. For example, if you are long 100 shares of XYZ, selling 100 shares of XYZ would be the offsetting position. An offsetting position can also be generated through hedging instruments, such as futures
What Is an Offset Mortgage? An offset mortgage is a type of home loan that involves blending a traditional mortgage with one or more deposit accounts held by the same financial institution. The savings balance maintained in the deposit account may then be used to offset the mortgage balance, lowering interest payments due. Offset mortgages
What Is an Offshore Banking Unit (OBU)? An offshore banking unit (OBU) is a bank shell branch, located in another international financial center. For instance, a London-based bank with a branch located in Delhi. Offshore banking units make loans in the Eurocurrency market when they accept deposits from foreign banks and other OBUs. Eurocurrency simply
What Is the New York Mercantile Exchange (NYMEX)? The New York Mercantile Exchange (NYMEX) is the world’s largest physical commodity futures exchange and is today part of the Chicago Mercantile Exchange Group (CME Group), which is the world’s leading and most diverse derivatives marketplace. CME Group consists of four exchanges: Chicago Mercantile Exchange (CME), Chicago Board
