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.

We have now said we will not branch in as many ways as we can possibly say it. If this bank is approved, you will not see any Wal-Mart branches in any of our stores.

We are confident that the FDIC will handle our industrial bank application appropriately.

We want to pay our own bank to do what we pay money centers to do now, which is to process debit and credit transactions to payment networks.

We welcome the opportunity, during this hearing, to discuss the merits of our industrial bank application, which we feel meets all regulatory requirements.

It is really something that the customer won't see. Our proposal is to operate a small bank that will be housed in a sixth floor office suite.

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.