Which of the following is considered a depository institution?
I. the U.S. Treasury
II. a commercial bank like Citibank
III. a credit union for federal government employees
A) I only
B) I and II
C) II and III
D) I, II and III

Question

Quizplus · Accepted Answer

Depository institutions are financial entities that accept deposits from customers and provide loans. Both commercial banks, like Citibank, and credit unions, including those for federal government employees, fit this definition. The U.S. Treasury, however, does not function as a depository institution; it is a government department responsible for managing government revenue, issuing currency, and other financial and monetary matters.

Which of the Following Is Considered a Depository Institution