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Houston Mortgage > Glossary >
Credit Card > F 1-10
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F (Fixed)
If the letter "F" appears after the annual percentage rate (APR) the interest rate is fixed and not subject to adjustment.
Fair Credit Billing Act
Passed by Congress in 1975 to help customers resolve billing disputes with card issuers. The act requires issuers to credit payments to a customer''s account the day they are received. To be protected under the law, the consumer must write to the issuer within 60 days of the mailing date on the bill with the error. The issuer is then required to investigate and either correct the mistake or explain why the bill is correct within two billing cycles. The issuer also must acknowledge a customer''s complaint in writing within 30 days. Each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.
Fair Credit Reporting Act
A federal law that governs what credit bureaus can report and for how long. It outlines procedures for correcting errors in credit reports. It requires credit bureaus to furnish copies of consumers' credit reports at their request.
Fair Debt Collection Practices Act
A federal law that prohibits certain methods of debt collection, such as harassment.
FAQ
Short for frequently asked questions. The section of a Web site where the bank or financial institution posts answers to consumers' most commonly asked questions about the banking services.
FDIC
Federal Deposit Insurance Corp. An agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other qualifying financial institutions up to $100,000 per account ($250,000 on retirement accounts) in interest and principal. FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System.
Fed
Congress founded the Federal Reserve, the central bank of the United States, in 1913. It conducts the nation's monetary policy and regulates its banks in order to achieve a flexible and stable economy. The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate to serve 14-year terms. The chairman and the vice chairman of the board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years.
Federal Advisory Council
An advisory group consisting of one member elected from each of the 12 Federal Reserve Districts who meet with the Federal Reserve Board of Governors at least four times each year to make recommendations on business and financial matters.
Federal Deposit Insurance Corporation
An agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other, qualifying financial institutions up to $100,000 per account ($250,000 on retirement accounts) in interest and principal. FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System.
Federal Discount Rate
The interest rate at which an eligible financial institution may borrow funds directly from a Federal Reserve bank. Banks whose reserves dip below the reserve requirement set by the Federal Reserve's board of governors use that money to correct their shortage. The board of directors of each reserve bank sets the discount rate every 14 days. It's considered the last resort for banks, which usually borrow from each other.
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