What Is the Federal Reserve Bank of Richmond? The Federal Reserve Bank of Richmond is part of the decentralized central banking system known as the Federal Reserve System (FRS). The Federal Reserve Bank of Richmond is located in Richmond, Virginia and serves the Fifth Federal District. Key Takeaways The Federal Reserve Bank of Richmond comprises
What Is the Federal Reserve Bank of St. Louis? The Federal Reserve Bank of St. Louis is one of 12 reserve banks in the Federal Reserve System (FRS). It is responsible for the eighth district, which covers Arkansas and parts of Illinois, Indiana, Kentucky, Missouri, Mississippi and Tennessee. In addition to its headquarters in St. Louis, the
What is Federal Reserve Credit? Federal Reserve credit refers to the act of the Federal Reserve lending funds on a very short-term basis to member banks in order to meet their liquidity and reserve needs. By lending money to member banks, the Federal Reserve helps to maintain the steady flow of funds between consumers and
What Is a Federal Reserve Note? A Federal Reserve note is a term to describe the paper demand liabilities of the Federal Reserve, commonly referred to as “dollar bills,” which circulate in the U.S. as legal tender. For practical purposes, the Federal Reserve note is the monetary unit of the U.S. economy. The term Federal
What Are Federal Reserve Regulations? Federal Reserve regulations are rules put in place by the Federal Reserve Board to regulate the practices of banking and lending institutions, usually in response to laws enacted by the legislature. Regulating and supervising the banking system is one of the primary functions of the Federal Reserve System. The goal
What Is the Federal Reserve System (FRS)? The term Federal Reserve System (FRS) refers to the central bank of the U.S. The Fed, as it is commonly known, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C., the Board of Governors, and 12 regional
What Is a Federal Savings and Loan (S&L)? The term federal savings and loan (S&L) refers to a financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers. These institutions are also referred to as thrifts—credit unions and savings banks that are mutually owned by their customers. As such
What Is the Federal-State Unemployment Compensation Program? The federal-state unemployment compensation program provides temporary financial assistance to those who’ve lost their jobs through no fault of their own. The federal government aids each state in funding and implementing state-sponsored unemployment benefits. Key Takeaways The federal-state unemployment compensation program helps temporarily out of work individuals who
What Is a Federal Tax Lien? A federal tax lien is the U.S. government’s right to keep or take a person’s personal property until that person takes care of unpaid federal taxes. The Internal Revenue Service will send a notice of federal tax lien that serves as a demand for payment. However, if taxes go
What is the Federal Telephone Excise Tax The federal telephone excise tax is a statutory 3 percent federal tax on local telecommunications services. It is collected from the customer by telephone companies and then passed on to the U.S. Internal Revenue Service (IRS). The tax does not apply to so-called “bundled” services such as prepaid
