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Banking Industry Failures #295104

CBS Evening News for Wednesday, Dec 26, 1984
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(Studio) Report introduced
REPORTER: Dan Rather

(Tulsa, Oklahoma) Loss of retirement savings of Loretta and Dwight Crofford when California's Western Community Money Center failed in spring noted. Money Center cited as ex. of insts. that act like banks but aren't banks and aren't covered by fed. deposit insurance [Loretta CROFFORD - comments.] Details given with regard to recent bankruptcies of 4 bank-like insts. in past 21 months. Photos shown of insts. in Tennessee, Oklahoma, California and Nebraska. Failure of Commonwealth Savings Company in Nebraska noted. [MAN - comments.] [Dwight CROFFORD - discusses own situation.] [2nd MAN - questions California system.] [California department of corps. spokesperson Jack CARLSON - comments.] Varying reactions of state regulatory agencies stated. Situation with Oklahoma's Republic Bank Corporation noted. [Oklahoma banking commissioner Robert EMPIRE - comments.] [Former US attorney Frank KEATING - comments on some older people's investment to supplement Social Security] Customer Elva Oman's mistaken impression of Republic companies' association with Republic Bank cited. [OMAN - comments.]
REPORTER: Jane Bryant Quinn

Quinn, Jane Bryant;
Rather, Dan

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