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AMORTIZATION: The process of paying off a debt liability and accrued interest through a series of equal, periodic payments. Car loans and mortgages are two debts commonly paid off through amortization. Your monthly car payment, for example, partially pays for interest accrued on the outstanding balance and partly reduces that balance. Because one payment reduces the outstanding balance, each subsequent payment has a smaller portion for interest. If the proper amortization schedule has been calculated, your loan will be paid off with the last payment.

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Lesson 18: Banking | Unit 2: Banking Details Page: 7 of 24

Topic: Credit Unions <=PAGE BACK | PAGE NEXT=>

A third type is a credit union.

History:

  • The first credit union was created in 1909.
  • Experienced tremendous growth after WWII.
  • Primary regulator is the National Credit Union Association (NCUA).
  • Created for reasons similar to labor unions.

Credit unions:

  • Relatively small, non-profit entities, associated with a particular business or group with something in common.
  • Pool savings and make personal loans to members.

Evolution:

  • Originally offered limited banking services.
  • Began offering checking accounts in the 70's, which gave them control over part of the M1 money supply.

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PATERNALISM

A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.

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Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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