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CCAB
CCA
central assets account

central assets account

definition

A balance held at a bank or other financial institution allowing the holder to deposit funds for both investment and banking services. Funds placed into a central assets account are automatically allocated to a money market fund earning a higher rate of interest than a normal checking or savings account. This type of asset management/banking account first became available after the passage of the Gramm-Leach-Bliley Act in 1999.