Asked by courtney laverty on Jun 05, 2024
Verified
Which of the following statements concerning the Fed is incorrect?
A) The Fed is the nation's central bank.
B) The Fed acts as the banker's bank.
C) Credit unions and savings banks must belong to the Fed.
D) Virtually,all large commercial banks are Fed members.
Credit Unions
Not-for-profit financial cooperatives that offer banking services, loans, and credit to members with common affiliations.
Central Bank
A national bank that provides financial and banking services for its country's government and commercial banking system, as well as implementing the government's monetary policy and issuing currency.
- Gain insight into the arrangement and purpose of multiple financial establishments.
- Understand the role of the Federal Reserve and its policy tools.
Verified Answer
FV
Fredelyne VixamaJun 09, 2024
Final Answer :
C
Explanation :
Credit unions and savings banks are not required to be members of the Federal Reserve System. Membership is generally more common among commercial banks.
Learning Objectives
- Gain insight into the arrangement and purpose of multiple financial establishments.
- Understand the role of the Federal Reserve and its policy tools.