Final answer:
The neural center located in the limbic system that wraps around the back of the thalamus and assists in processing new memories for permanent storage is hippocampus.
Step-by-step explanation:
The hippocampus is the part of the limbic system that helps process new memories for permanent storage, and it is crucial for learning and memory as well as emotion regulation.
This structure is not only crucial for learning and memory but is also part of the limbic system which is involved in regulating emotions, behavior related to fear, motivation, and certain homeostatic processes.
The limbic system also includes other significant structures such as the amygdala, which plays a key role in emotional responses, and the hypothalamus, which regulates various homeostatic functions like body temperature, appetite, and blood pressure.