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Monday, December 15, 2014

California Bankers CEO Corrects Record on Deposit Insurance

The swaps pushout rule repeal attracted some opposition — including from FDIC Vice Chairman Thomas Hoenig, who expressed concern about derivatives trading in what he called "taxpayer-insured banks."

California Bankers Association president and CEO Rodney Brown rebutted Hoenig's comments in a Los Angeles Times letter to the editor, noting that "it's the banking industry that bears all financial costs of supporting the FDIC, paying more than $12 billion each year to assure adequate funding."

Read the letter.

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