Interest Compensation [Banks & Banking] Law and Legal Definition
According to 12 CFR 229.2 [Title 12 -- Banks And Banking; Chapter Ii -- Federal Reserve System; Subchapter A -- Board Of Governors Of The Federal Reserve System; Part 229 -- Availability Of Funds And Collection Of Checks (Regulation Cc); Subpart A – General] interest compensation means “an amount of money calculated at the average of the Federal Funds rate published by the Federal Reserve Bank of New York for each of the days for which interest compensation is payable, divided by 360. The Federal Funds rate for any day on which a published rate is not available is the same as the published rate for the last preceding day for which there is a published rate.”
Legal Definition list
- Interest Compensation [Banks & Banking]
- Interest Calculation Costs
- Interest Based Negotiation
- Interest Assistance Agreement [Agriculture]
- Interest Arbitration
- Interest Expense
- Interest Factor [Insurance Law]
- Interest in a Closely Held Business [Internal Revenue]
- Interest in Land
- Interest in Possession Trust
- Interest in Proven Oil or Gas Property [Internal Revenue]
