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MEDIA STATEMENT ON WebBank

For Immediate Release

Contact: Sonja Long (801)538-8761

December 8, 2015

Under Title 7, Financial Institutions Act, of the Utah Code Annotated the
department is authorized to charter and regulate various classes of depository
institutions. These classes include banks, industrial banks and credit unions.

WebBank was chartered by the Utah Department of Financial Institutions
in 1997 as an industrial bank. The department’s policy is not to comment about
active banks or their customers. The department currently regulates 42 banks
with $259 billion in assets.

All Utah-chartered banks and industrial banks are subject to regular and
recurring regulatory oversight, including examinations that assess compliance
with all applicable banking laws and regulations. Those laws and regulations
include requirements designed to combat terrorism, money laundering, and other
financial crimes.

The department also regulates trust companies, independent escrow
companies, check cashers, deferred deposit lenders (payday), title lenders,
consumer lenders, as well as first mortgage loan servicers, and money
transmitters.

 

Testimony of G. Edward Leary, Commissioner of the Utah Department of Financial Institutions, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, October 4, 2007.

Testimony of G. Edward Leary, Commissioner of the Utah Department of
Financial Institutions, before the U.S. House of Representatives Committee on Financial
Services, April 25, 2007 and July 12, 2006.

Remarks from the FDIC Symposium on the Future of Banking held
in Washington D.C. on July 16, 2003 by G. Edward Leary, Utah Commissioner of Financial Institutions; David Poulsen, President and CEO of American Express Centurion Bank; and John Qua, Senior Vice President and Head of the Global Banking Group Merrill Lynch & Co., Inc.

Interagency statement from the Utah Department of Financial Institutions and the Utah Department of Insurance concerning interest on business demand deposit accounts, dated May 9, 2001.

Past remarks by G. Edward Leary, Utah Commissioner of Financial Institutions, before Utah Association of Financial Services.

Department’s quarterly news letters.  The department’s quarterly news letters have been discontinued with the last issue, 1st Qtr of 2008.