Press Releases Sites Chosen for FDIC's Public Hearings on the Proposed Wal-Mart Bank's Application for Federal Deposit Insurance The hearings will be held in April in the Washington, D.C., and Kansas City, Missouri, areas
Sites have been selected for the FDIC's April public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance, the FDIC announced today.
The first hearing, scheduled for Monday and Tuesday, April 10 and 11, will be held at the FDIC's Virginia Square auditorium (Building C), located at 3501 Fairfax Drive, Arlington, Virginia. The second hearing, scheduled for Tuesday and Wednesday, April 25 and 26, will be held at the Overland Park Convention Center (Courtyard Rooms four and five), 6000 College Boulevard, Overland Park, Kansas. The hearings in both locations are scheduled to begin at 9:00 a.m. and conclude no later than 5:30 p.m. each day. More detailed information relating to the hearing locations can be found on the FDIC's Web site, www.fdic.gov.
Parties making oral presentations as well as those wishing to attend the hearings should plan to arrive early. Admission for those not making oral presentations will be based on a first-come, first-served basis as space permits. Parties attending the hearings will be subject to security screening.
Wal-Mart Bank, a proposed industrial loan company (ILC) headquartered in Salt Lake City, Utah, filed an application with the FDIC for federal deposit insurance on July 19, 2005. ILCs are state-chartered banks supervised and insured by the FDIC. The FDIC believes that holding public hearings on the application will provide valuable insight into the issues presented by the application and will serve the public interest.
The deadline for submitting a written request to give an oral presentation at the hearing was March 10. By March 20, the FDIC will notify each person who submitted a request to make an oral presentation whether the FDIC can accommodate the request.
Written statements by those making oral presentations at the hearings as well as those who do not wish to make an oral presentation will be accepted by the FDIC until March 28. Attendance at the hearing is not required to submit a written statement. Written statements can be delivered to the FDIC by e-mail, mail or hand-delivery. E-mail: firstname.lastname@example.org; mail: Robert E. Feldman, Executive Secretary, 550 17th Street, N.W., Washington, D.C. 20429; or hand-delivery: Guard station at the rear of 550 17th Street (located on F Street, N.W.) on business days between 7:00 a.m. and 5:00 p.m.
Information concerning the Wal-Mart Bank federal deposit insurance application, including the public portion of the application and the more than 1,900 comment letters received on the application, is available on the FDIC's Web site.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,833 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-28-2006