Multiple Choice
Choose the statement that is incorrect.
A) A chartered bank is a private firm, chartered under the Bank Act of 1991 to receive deposits and make loans.
B) A caisse populaire is similar to a credit union.
C) Trust and mortgage loan companies receive deposits, make loans, and act as trustee for pension funds and for estates.
D) A credit union is a cooperative organization that operates under the Co- operative Credit Association Act of 1991.
E) Trust and mortgage loan companies have the bulk of the deposits in M1 and M2.
Correct Answer:
Verified
Correct Answer:
Verified
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