GLOSSARY
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Terms related to the Federal Reserve, banking and economics
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tax-deferred
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Phrase referring to money that is not subject to income tax until it is withdrawn from an account, such as an individual retirement account or a 401(k) account.
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tender
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An application or offer to purchase a U.S. Treasury bill, note or bond.
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term
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The period from when a loan is made until it is fully paid.
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terms
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Provisions specified in a loan agreement.
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thrift institution
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A general term encompassing savings banks, savings and loan associations, and credit unions.
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Thrift Institutions Advisory Council (TIAC)
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A council, established following the passage of the Monetary Control Act of 1980, whose purpose is to provide information and views on the special needs and problems of thrifts. The group is comprised of representatives of savings banks, savings and loan associations, and credit unions.
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too-big-to-fail
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Government practices that protect large banking organizations from the normal discipline of the marketplace because of concerns that such institutions are so important to markets and their positions so intertwined with those of other banks that their failure would be unacceptably disruptive, financially and economically.
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transaction account
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A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
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Treasury bill (T-bill)
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Treasury bond
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Long-term security having a maturity of 10 years or longer issued in denominations of $1,000 or more. A 30-year bond is sometimes referred to as a long bond. Bonds pay interest semiannually, and the principal is payable at maturity.
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Treasury note
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Intermediate-term security having a maturity of one to 10 years and issued in denominations of $1,000 or more. Notes pay interest semiannually, and the principal is payable at maturity.
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