What is the biggest difference in need between government banking and other types of banking?
Most of it has to do with understanding what people involved in government banking are required to do, how they’re required to do it and when they’re required to do it, because their accounting rules are different. Their balance sheets look different. We’re used to looking at an entity in regular banking and seeing how much money it’s making. In government banking, you have to make sure that it’s allocating its resources in the proper channels. It is not necessarily making money. You have to look at a budget that says ‘income equals expenses,’ not necessarily one where you’re showing a profit, which is the way it should be. And with accounting and auditing procedures, you have to be responsive because it will have auditors in annually as required by state statute and you have to be responsive to those needs. When it needs confirmation of collateralization or balance or interest rates, you need to have that information available in a timely fashion. Is government banking regulated by st
