Arizona Laws 6-271. Reserves against deposits; rule; limitations
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Banks that are not members of the federal reserve system shall maintain such legal reserves as are from time to time fixed by rule of the deputy director, not to exceed fourteen percent of demand deposits or seven percent of time and savings deposits.
Terms Used In Arizona Laws 6-271
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC