Business and Personal Finance Dictionary

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• TYPE I SECURITIES
  
  A category of investment securities defined by the Office of the Comptroller of the Currency (OCC) (12 CFR 1). A Type I security is any one of the following: 1. Obligations of the U.S. government. 2. Obligations issued, insured or guaranteed by a department or an agency of the U.S. government if the obligation, insurance, or guarantee commits the full faith and credit of the United States for the repayment of the obligation. 3. Obligations issued by a department or agency of the United States or an agency or political subdivision of a State of the United States that represent an interest in a loan or in a pool of loans made to third parties,if the full faith and credit of the United States has been validly pledged for the full and timely payment of interest on, and principal of, the loans in the event of nonpayment by the third party obligors. 4. General obligations of a State of the United States or of any political subdivision. 5. Obligations authorized under 12 USC 24 (Seventh) as permissible for a national bank to deal in, underwrite, purchase, and sell for the bank’s own account, including qualified Canadian government obligations. 6. Other securities that the OCC determines to be eligible as Type I securities under 12 USC 24 (seventh).
  
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