We are confident that the FDIC will handle our industrial bank application appropriately.
Chairman Greenspan's lengthy letter is about the broader issue of regulation of Industrial Loan Corporations. We look forward to the (Federal Deposit Insurance Corporation) public hearing on our application to operate an industrial bank in Utah.
We welcome the opportunity, during this hearing, to discuss the merits of our industrial bank application, which we feel meets all regulatory requirements.
We are also grateful for this chance to help the public understand the purpose for the bank and that many corporations including Target, GM, and Toyota already operate industrial banks.