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 13, 2000 june
Its belated, therefore I shall be brief.
This seminar is mostly about building communities. It really is about producing opportunity. About expanding success. And about sustaining the growth of our best resource that is economic Our people. All our individuals.
Banking institutions are chartered become engines of financial development.
To produce the financial power that builds communities, produces possibility, expands prosperity, and sustains development.
But i will be right right right here tonight to talk about exactly just how some banking institutions could be participating in an unbecoming training — the practice of “renting down their charters,” so 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 numerous of you realize, 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 obtain ahead as well as for undermining communities by draining money from low- and moderate-income areas . . .
The extremely opposite regarding the financial development this summit seeks to encourage.
Nonetheless, in cases where a banker comes into the market that is payday appropriate settings to make sure secure operations, short-term tiny denomination customer financing can help to enhance usage of banking solutions and may also assist build long-lasting client relationships. Continue reading →