Difference between 'bank' as used by the Fed and FIBO's Bank class #1391
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The term 'bank' as used by the Fed and FIBO FRSMember Bank, includes some other institutions like investment banks, which are not the same as FDIC insured banks, so that's why it is a subclass of financial institution rather than bank. We should at least have an explanatory note but ideally separate out GovernmentInsuredBank as a separate class. Originally posted by @ElisaKendall in https://github.com/edmcouncil/fibo/diffs |
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Replies: 2 comments
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FRS members are not all banks, and certainly not all government insured banks - some of them are insurance companies, for example. The only possible change I would consider here is to change the name from FRSMemberBank to FRSMember, and from FRSNonMemberBank to FRSNonMember, although that's not the terminology the Fed uses. But technically it would be correct. |
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That would make sense, we could add the FRS term as a synonym. |
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FRS members are not all banks, and certainly not all government insured banks - some of them are insurance companies, for example.
The only possible change I would consider here is to change the name from FRSMemberBank to FRSMember, and from FRSNonMemberBank to FRSNonMember, although that's not the terminology the Fed uses. But technically it would be correct.