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, and so I will be brief.
This seminar is mostly about building communities. It really is about producing possibility. About expanding success. And about sustaining the growth of our best financial resource: Our individuals. All our individuals.
Banking institutions are chartered become machines of financial growth.
To offer the power that is financial builds communities, produces possibility, expands prosperity, and sustains development.
But i will be right right right here tonight to go over exactly how some banking institutions could be participating in a practice that is unbecoming the practice of «renting down their charters,» therefore to talk, to nonbank payday lenders. For the minute, the amount of banking institutions 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 types of payday lending 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 . . .