David Barr
David Barr
appreciation both chairman extend hard secretary work
We will need to find a new chairman and secretary and I would like to extend my appreciation to both of them for all their hard work over the years.
early estimates financial loss
too early to have any estimates of the financial loss to banks.
behind decision delay hearing hold needs scenes
We don't think that this will delay a decision on the application. There's still a lot that needs to be done behind the scenes on the application. While we're doing that, we can hold a hearing simultaneously.
bankers customers mandate measures provide risk safeguard security tailor
The risk assessments provide bankers with more flexibility to tailor security measures to better safeguard their customers . . . than would a mandate from regulators,
banks based expect extra layer perform provide risk security
We expect banks to perform a risk analysis, and, based on that risk analysis, provide an extra layer of security by the end of the year.
applied bank comment criteria gotten industrial letters majority open popularity single target witnesses
When Target applied to open its industrial bank in 2004, we didn't get a single comment from the public. We've gotten 4, 000 letters and witnesses for the Wal-Mart application. The majority are negative. But popularity is not a criteria for an industrial bank.
change coverage failures individual money past people per retirement suffered
We have had some failures in the past where people have had considerable amounts of money in individual retirement accounts. They've suffered significant losses. But that coverage will go up to $250,000 per person when we change this rule.
computer earlier financial fishing january month personal spread
One that went out in January was fishing for personal financial information. One earlier this month spread a computer virus.
received
We've received 1,150 comments. Usually, if there are more than a half-dozen comments, that is high.
bit hold interest quite
There has been quite a bit of interest and that's why we want to hold these hearings.
houses overly time together
We're not overly concerned. There is still time for them to get their houses together and we are monitoring them closely.
depends gauge hard information might whether
It's really hard to gauge timing. A lot depends on what negotiations might have to be made and whether we need more information from the applicant.
banks cut individual starting
It's up to the individual banks as to when they ratchet those (relief measures) down. Some are starting to cut back a little.
benefit eating eroded inflation insurance limit low periods relatively
The benefit is if you have inflation, the deposit insurance limit will not be eroded and keep up. And if you have periods of relatively low inflation, that low inflation wouldn't be eroding or eating away at the insurance limit.