Bank Infusion Plan Put To Reality Check

By Dan Bewley and Jennifer Loren, News On 6

TULSA, OK -- Banks that receive the government's money will be forced to limit executive pay and will have to pay it back once the financial system is whole again.

So how does this plan breakdown?

And will any Oklahoma banks take advantage of it?

The treasury department is quick to say the plan is voluntary and so far no Oklahoma banks have expressed interest.

The plan calls for the government to buy shares of nine major U.S. banks. When the market stabilizes, the banks can buy the stocks back from the government.

The president of the Oklahoma Banker's Association tells The News On 6 that Oklahoma banks could participate in the plan but he doesn't know of any banks that are interested.

A spokesman for the Bank of Oklahoma says BOK has no plans to utilize the program.

The most important part of the plan for Oklahomans, according to the Banker's Association, is the temporary removal of the $250,000 limit for FDIC insurance on non-interest bearing accounts.

Those accounts are mostly used by small business owners, the new rules would prevent them from juggling their accounts to stay under the limit.