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There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing. Here's what you need to know about each step.
Credit unions are dual-regulated, which means that they are regulated by the Financial Conduct Authority (FCA) and by the Prudential Regulation Authority (PRA).
Banks as Financial Intermediaries. An intermediary is one who stands between two other parties. Banks are a financial intermediarythat is, an institution that operates between a saver who deposits money in a bank and a borrower who receives a loan from that bank.
The Bureau of Financial Institutions supervises all state-chartered financial institutions including banks, credit unions, and nondepository trust companies.
Supervision and regulationFederally chartered credit unions are regulated by the National Credit Union Administration, while state-chartered credit unions are regulated at the state level. The Fed is one of several banking regulatory agencies at the federal level.
Credit Union Safety & Soundness Maine's state-chartered credit unions are regulated by the State of Maine Bureau of Financial Institutions. Credit union shares are insured by the National Credit Union Share Insurance Fund (NCUSIF), which protects member accounts to $250,000.
The Fed is the central bank of the United States, responsible for regulating the financial system and managing monetary policy. Its primary monetary policy tool is open market operations that control the buying and selling of U.S. Treasury and federal agency securities.
Most credit unions are regulated at the provincial and territorial level. However, some are federally regulated. This means credit unions are required to follow similar regulations to those of traditional banks. For example, eligible deposits that are made into chequing and savings accounts are insured.
A commercial bank is a type of financial institution that accepts deposits, offers checking account services, makes business, personal, and mortgage loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.
The Office of the Superintendent of Financial Institutions (OSFI) recently announced that the rules of the Bank Act will now apply to all non-bank financial service providers, including credit unions and unregulated financial service providers.