money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve's check collection process. To promote efficiency in the payments system and provide certainly about the date that deposited funds will become available to the receiving depository institutions (and the payee), the Federal Reserve credits the reserve accounts of banks that deposit check according to a fixed schedule. However, processing certain checks and collecting funds from the banks on which these checks are written may take more time than the schedule allows. Therefore, the accounts of some banks may be credited before the Federal Reserve is able to collect payment from other banks, resulting in Federal Reserve float. Federal Reserve notes Issues by the US government to the public through the Federal Reserve Banks and their member banks. They represent money owed by the government to the public. Currently, the item "Federal Reserve notes amounts outstanding" consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Federal Reserve System The monetary authority of the US, established in 1913, and governed by the Federal Reserve Board located in Washington, D.C. The system includes 12 Federal Reserve Banks and is authorized to regulatemonetary policy in the US as well as to supervise Federal Reserve member banks, bank holding companies, international operations of US banks, and US operations of foreign banks. Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgageloans. Federally related institutions Arms of the federal government exempt from SEC registration whose securities are backed by the full faith and credit of the US government (with the exception of the Tennessee Valley Authority). Fedwire A wire transfer system for high-value payments operated by the Federal Reserve System. Fee A fixed amount or a percentage of an underwriting or principal. Fee table Schedule found in a mutual fund'sprospectus that discloses and expense illustrates the expenses and fees a shareholder will incur. Fee-and-commission compensation See: Fee-based compensation Fee-based compensation Payment to a financial adviser of a set hourly rate, or an agreed-upon percentage of assets under management, for a financial plan. When the plan is implemented, the adviser may also receive commission on some or all of the investment products purchased, which would be fee-and-commission compensation. Fee-only compensation Payment to a financial adviser of a set hourly rate, or an agreed-upon percentage of assets under management, for a financial plan. Feedback Systems An equation where the output becomes the input in the next iteration. This is much like a public address system where the microphone is placed next to the speakers generating feedback as the signal is looped through the PA system. FHA prepayment experience The percentage of loans in a pool of mortgagesoutstanding at the origination anniversary, based on annual statistical historic survival rates for FHA-insured mortgages. Fiat money Nonconvertible paper moneyy. FICO See: Financing corporation Fictitious credit A