Foolproof Module 5 Notes | 100% Correct | Verified | Latest 2024 Version

You need to know who might protect you if you get ripped off. Who regulates and watches all this checking account and financial transaction stuff? - The Federal Reserve Bank (aka "The Fed") You probably won't ever deal with the Federal Reserve directly. - The Fed isn't actually a bank you can walk into and deposit your paycheck. It is the central bank of the United States, created and overseen by Congress. It provides our country with a safer, more flexible and more stable monetary and financial system. The "Fed" mainly sets interests rates — the price everyone pays to borrow money. The Office of the Comptroller of the Currency (OCC) -You won't have to deal with these people. The OCC regulates and supervises all our banks, credit unions and other financial institutions. The Federal Deposit Insurance Corporation (FDIC) - The FDIC is actually really important for you. The FDIC protects your money when you put it in a financial institution. For instance, if a financial institution goes broke, the FDIC generally makes sure you get your money back (as long as it isn't over $250,000). National Credit Union Administration (NCUA) The NCUA does all that regulatory stuff for credit unions, instead of banks.