ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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IRS is Internal Revenue Service; also see INTEREST RATE SWAP.
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GOLD PC is a mortgage pool program offered by the Federal Home Loan Mortgage Corporation (FHLMC) that reduces the delay in payments from 45 days to 15 days and broadens its guarantee to include the timely payment of principal.
FEDERAL RESERVE SYSTEM (The Fed) is the central bank of the United States created by Congress, consisting of a seven-member Board of Governors in Washington, D.C., 12 regional Federal Reserve Banks and depository institutions that are subject to reserve requirements. All national banks are members; state-chartered banks may elect to become members and state members are supervised by the Board of Governors and the Reserve Banks. Reserve requirements established by the Fed apply to nonmember depository institutions as well as member banks. Both classes of institutions share equal access to Federal Reserve discount borrowing privileges and Federal Reserve services.