Finance
In West Virginia, which entity insures deposits at state-chartered banks and regulates most commercial banks?
AFederal Reserve
BFederal Deposit Insurance Corporation (FDIC)✓ Correct
CWest Virginia Division of Financial Institutions
DOffice of the Comptroller of the Currency
Explanation
The FDIC insures deposits up to $250,000 at member banks and is a primary federal regulator of state-chartered banks that are not members of the Federal Reserve System. The WV Division of Financial Institutions also regulates state-chartered banks at the state level.
Related West Virginia Finance Questions
- Under the Equal Credit Opportunity Act (ECOA), a West Virginia lender may NOT deny credit based on:
- A West Virginia property's loan-to-value (LTV) ratio is 80%. The purchase price is $200,000. The down payment would be:
- A West Virginia buyer obtains a $250,000 FHA loan. What is the minimum down payment required?
- In West Virginia, a mortgage that allows the borrower to redraw funds up to the original loan amount as the principal is paid down is called a:
- Under the federal Community Reinvestment Act (CRA), federally insured banks and savings institutions are required to:
- A West Virginia lender who sells its originated mortgages to Fannie Mae is participating in:
- A West Virginia buyer assumes the seller's existing mortgage. The buyer is now:
- In West Virginia, a purchase money mortgage is best defined as:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →