Each depositor insured to at the least $250,000 per insured bank
Remarks By Donna Tanoue Chairman Federal Deposit Insurance Corporation BeforeThe Seventh Annual Greenlining Economic Developing Summit Sacramento, Ca June 13, 2000
It really is belated, and so I shall be brief.
This seminar is mostly about building communities. It really is about producing possibility. About expanding success. And about sustaining the introduction of our best financial resource: Our individuals. All our individuals.
Banking institutions are chartered become machines of financial development.
To deliver the power that is financial builds communities, produces possibility, expands prosperity, and sustains development.
But i’m right here tonight to talk about just exactly how some banking institutions can be participating in an unbecoming training — the training of “renting away their charters,” therefore to talk, to nonbank payday lenders. The number of banks renting out their charters is small В– but that could change В– and that possibility triggers public policy concerns for the moment.
As much of you understand, this organization В– through Bob GnaizdaВ’s forceful and eloquent terms — has criticized specific kinds of payday financing for undercutting the efforts of men and women to have ahead as well as for undermining communities by draining money from low- and moderate-income areas . . .
The really opposite associated with the development that is economic summit seeks to encourage.
But, in cases where a banker gets in the payday market with appropriate settings to make sure secure operations, short-term little denomination customer financing might help to grow usage of banking solutions and could help build long-lasting consumer relationships. Read more »
