Which of the following types of financial institutions is required to belong to the Federal Reserve System?
A) national banks
B) state-chartered banks
C) savings and loan institutions
D) credit unions

Question

Quizplus · Accepted Answer

National banks are required by law to be members of the Federal Reserve System, which serves as the central bank of the United States. This membership ensures that national banks adhere to the regulations and have access to the Federal Reserve's services.

Which of the Following Types of Financial Institutions Is Required