It was not until October 1986. about 6 months after the initial determination by the OCC that yellow certificates were deposits. that the FDIC made the first payment of Insurance proceeds to any holders of yellow certificates. At present. some yellow certificate holders still have not received insurance payments. As the testimony before the subcommittee demonstrated the vast majority of holders of yellow certificates were nonEnglish speaking Chinese Immigrants who had been duped by the bank Into entrusting it with their life savings. The Impact upon the Chinese community has been substantial. Regrettably. at the very time the FDIC Insurance was most needed by the individual depositors it was not available.
Identified stereotypes
Generalization that the Chinese immigrants were non-English speaking and easily duped.