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Simple English definitions for legal terms
federal intermediate credit bank
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A quick definition of federal intermediate credit bank:
A bank is a place where you can keep your money, borrow money, and do other financial transactions. It is like a big safe where people can store their money and get it when they need it. Banks are regulated by the government to make sure they are safe and fair for everyone. Some banks are for farmers, some are for businesses, and some are for regular people. When you put your money in a bank, it is called a deposit. You can also take out a loan from a bank, which means they give you money that you have to pay back with interest.A more thorough explanation:
Definition: A type of bank that was part of a system of 12 regional banks created in 1923 to provide short-term loans to farmers and ranchers. The system is now merged with federal land banks to create the federal farm-credit system.
Example: A farmer in a rural area needs a loan to buy new equipment for their farm. They can apply for a loan from a federal intermediate credit bank, which specializes in providing credit to farmers and ranchers.
Explanation: The example illustrates how a federal intermediate credit bank provides credit to farmers and ranchers who may not have access to traditional banks or credit unions. These banks were created to support the agricultural industry and provide short-term loans to help farmers and ranchers manage their finances.