In March 2008, OTS Director John M. Reich stated that the Savings and Loan industry remained vibrant due to the effectiveness of regulators. Reich blamed Indymac's 11 July 2008 failure on $1.3bn of withdrawals in the fortnight following concerns raised from Senator Chuck Schumer over the bank's solvency. Schumer faulted the OTS. The failure of IndyMac Bank was the fourth largest bank failure in United States history. Prior to IndyMac's failure on 11 July 2008, the bank had come to rely heavily on higher cost, less stable, brokered deposits, as well as secured borrowings, to fund its operations. The bank had focused on stated income and other aggressively underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida.