David Barr
David Barr
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.
disagree facts strongly supported
We strongly disagree with the ruling. It's not supported by the facts of the case.
issue likely precise rules
It is likely we will issue rules this year, but we don't have a precise timetable.
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.
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.
disagree facts main opinion reason supported
We disagree with the opinion and don't think it was supported by the facts, which is the main reason why we appealed.
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.
assets failed half literally lost overnight
It literally failed overnight from fraud. Half the assets were completely gone. A lot of retirees lost their money.
received
We've received 1,150 comments. Usually, if there are more than a half-dozen comments, that is high.
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.
amount chip ensuring inflation insurance longer
This is a way of ensuring that inflation will no longer chip away at the amount of deposit insurance coverage.