Security Requirements for Banks

Posted by Skye Learning Team on Feb 24, 2021 11:46 AM

Every bank insured by the FDIC, and every credit union insured by the NCUA, is required to have a written security plan for each of their offices (the institution's main office and any branches it operates). For banks under the FDIC, developing and administering this plan is the responsibility of the bank's security officer, who is designated by the board of directors. The NCUA does not specify who is responsible for developing security plans for credit unions, but the chairperson of the credit union's board of directors must certify compliance with security requirements annually.

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Types of Banking

Posted by Skye Learning Team on Jan 15, 2021 11:44 AM

Banking facilitates the transfer of wealth in an economy. In its most simple form, rather than having someone carry around all their money, they keep it in a bank. When they need that money, they write a check or use a debit card. This ensures a safe transfer of money from one person to another.

In the United States, we have a dual banking system, meaning that we have banks that are chartered nationally in addition to banks that function under a state charter and regulations.

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