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The general bank license allows a bank to engage in all banking activities, such as retail banking, merchant acquiring, cash management, asset management and trading. An applicant can apply for a limited banking license, such as an offshore banking license.
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The requirements for the issue of a bank license vary between jurisdictions but typically include: Minimum capital; Minimum capital ratio 'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers; Approval of the bank's business plan as being sufficiently prudent and plausible.
Licenses must be renewed annually, and individual states may have additional requirements. [ 3 ] Several banking associations, including the American Bankers Association and the Mortgage Bankers Association , as well as a number of schools, offer courses, training programs, or certifications for loan officers.
A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely, in accordance with the bank regulations imposed on these institutions by the chartering level of government.
A national bank is a bank that is nationally or federally chartered and is allowed to operate throughout the country in any state. An advantage of holding a National Bank Act charter is that a national bank is not subject to state usury laws intended to prevent predatory lending. [16] (However, see also Cuomo v.
Bank teller at work. (1992) Being front-line staff they are most likely to detect and stop fraudulent transactions in order to prevent losses at a bank (counterfeit currency and cheques, identity theft, confidence tricks, etc.). The position also requires tellers to be friendly and interact with the customers, providing them with information ...
On behalf of the bank and its clients, a large investment bank's primary function is buying and selling products. [16] Sales is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then ...