Leave our bank alone

New financial industry reform measures supported by President Barack Obama are examples of change that Target doesn’t believe in. The company issued a statement last week indicating it is opposed to “any proposal that would eliminate our ability to operate our banks,” following the release of a white paper by the Obama administration which detailed financial regulatory reforms including proposals regarding comical ownership of banks.

Target operates two banks, although neither is a bank in the sense of the word most familiar to consumers. Target Bank, based in Salt Lake City is an industrial loan company whose primary activity involves issuing the Target Business Card commercial credit card. Target National Bank, based in Sioux Falls, S.D., is a limited purpose credit card bank that issues the Target Visa Credit Card and Target Credit Card.

“We are still evaluating the specifics of all the proposals and will continue to work with our trade association partners on any additional response,” the company said in a prepared statement. Target president, chairman and CEO Gregg Steinhafel serves as vice chairman of the board of the Retail Industry Leaders Association.