Each depositor insured to at the very least $250,000 per insured bank
Remarks By Donna Tanoue Chairman Federal Deposit Insurance Corporation BeforeThe Seventh Annual Greenlining Economic Development Summit Sacramento, Ca June 13, 2000
It really is belated, and so I shall be brief.
This conference is approximately building communities. It really is about producing possibility. About expanding success. And about sustaining the introduction of our best financial resource: Our people. All our individuals.
Banking institutions are chartered become machines of financial development.
To give the power that is financial builds communities, produces possibility, expands prosperity, and sustains development.
But i’m right right here tonight to talk about exactly how some banking institutions could be participating in a practice that is unbecoming the training of “renting down their charters,” therefore to speak, to nonbank payday lenders. When it comes to moment, the sheer number of banks leasing away their charters is tiny В– but that may change В– and that possibility causes general public policy issues.
As much of you understand, this organization В– through Bob GnaizdaВ’s forceful and eloquent terms — has criticized particular 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 communities . . . Continue reading “Federal Deposit Insurance Corporation Each depositor insured to at the least $250,000 per insured bank”