Yes. At the committee hearings on this bill, testimony was given on this issue. We were told that foreign banks presently receive preferential treatment in our market inasmuch as their wholesale branches are not subject to the Community Reinvestment Act and other consumer laws. We were also told they can attract corporate customers since they do not pay deposit insurance premiums on corporate accounts taken in their wholesale branches.
Discussing the impact of foreign banks on the market during committee hearings.
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