Significantly, most households and small and medium-sized businesses obtain the vast majority of their banking services in such local markets. Deposit insurance I would like to turn now to the issue of deposit insurance reform and to the need for some legislative change in this area.
As the committee knows, most depository institutions have not paid any deposit insurance premiums since 1996, and in fact, some large institutions that have been chartered in the past eight years have never paid them at all.