Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)
Username:
Password:

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowAdvocacy
ArrowConsumer Education & Resources
ArrowEducation
ArrowConvention
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®
ArrowPublications





Members Only = Access Restricted
Last update: 04/17/14

ICBA News Release

ICBA Independent Community Bankers of America

Media Contact
Karen Tyson
202-315-2454

Media Contact
Bill Grassano
202-315-2457

FOR IMMEDIATE RELEASE

ICBA Applauds Congressional Call for ILC Moratorium

98 Members of Congress Ask the FDIC to Hold ILC Approvals

Washington, D.C. (June 8, 2006)—The Independent Community Bankers of America (ICBA) applauds Rep. Paul Gillmor (R-Ohio), Rep. Barney Frank (D-Mass.) and the 98 members of Congress who have asked the Federal Deposit Insurance Corp. to put a hold on approving any applications for deposit insurance for commercial enterprise-owned industrial loan corporations (ILC) until Congress has an opportunity to consider the issue.

"ICBA continues to be concerned that ILCs owned by commercial enterprises breach the wall that separates commerce and banking," said Terry J. Jorde, ICBA chairman and president and CEO of CountryBank USA, Cando, N.D. "These members of Congress recognize the potential dangers to our nation's communities and the need to fully examine how the ILC charter is expanding beyond Congress' original intent." Congress intends to examine the ILC issue later this year.

In a letter to the FDIC, 98 members of Congress asked for the moratorium because they are concerned that opening the ILC floodgates to let commercial enterprises into banking will send U.S. economic policy down a destructive and irreversible course. "Their concern is understandable considering the pending ILC applications filed by Wal-Mart and Home Depot, the nation's two largest retailers. If the giant retailers are allowed into banking using the ILC loophole, a parade of commercial companies will surely follow and change the banking landscape completely," said Camden R. Fine, ICBA president and CEO.

ICBA has been leading the way in efforts to maintain the separation of banking and commerce and to close the ILC loophole in the Bank Company Holding Act. The principle and practice of keeping banking and commerce separate has served the nation and local communities well by guarding against excessive concentration of economic power, ensuring the impartial allocation of credit and safeguarding against improper extension of the bank insurance safety net and risks to the Deposit Insurance Fund.

For more information on this issue and to view the letter, visit www.icba.org.






ArrowsPrintable version



Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice