The federal Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681, regulates the manner in which credit bureaus may collect, access, use, and share the information they compile on individuals and businesses. The act includes specific provisions...
banking
FDCPA
FDCPA is the Fair Debt Collection Practices Act which limited the actions of third-party debt collectors in response to harassment of debtees. For more information on the FDCPA, click here.
[Last updated in June of 2021 by the Wex...
FDIC
The Federal Deposit Insurance Corporation (FDIC) insures $250,000 of deposits for each individual’s accounts at over 5,000 banks. This reassures depositors that their money is accessible in the situation where their bank fails, reducing the...
Federal Deposit Insurance Corporation (FDIC)
Federal Deposit Insurance Corporation (FDIC) is the U.S. government corporation that insures depositor’s accounts at most U.S. banks. The FDIC insures $250,000 of deposits for each individual’s accounts at over 5,000 banks. This reassures...
fee
In common parlance, a fee is a payment or charge for services rendered, usually in the form of money or property. In legal and property contexts, however, a fee can also be a heritable interest in land, such as a fee simple.
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FICO
FICO is the acronym for Fair Isaac Corporation, as well as the name for the credit scoring model that Fair Isaac Corporation developed. A FICO credit score is a tool used by many lenders to determine if a person qualifies for a credit card,...
financial institution
A financial Institution is defined in 18 U.S. Code § 20 as an entity, national or international, that deals primarily in business related to financial or/and monetary transactions, namely loans, deposits, investments, currency exchange, or...
financial statements
Financial statements are reports that contain and summarize financial and accounting information about a business and that provide information regarding the financial position and performance of an entity throughout a specific accounting...
fixed annuity
A fixed annuity is a type of annuity where the insurance company agrees to pay a specific periodic amount to the policy holder no matter the outcome of their investments. This is to be contrasted with variable annuities where payment amounts...
fixed rate mortgage
Fixed rate mortgages are the common method for purchasing homes with an interest rate that stays the same throughout the loan. These loans often are made for 15, 20, or 30 years, and while the monthly payments never change, the monthly...