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ICBA Thanks Senate Banking Committee for Advancing ILC Bill

Washington, D.C. (Feb. 13, 2008)—James P. Ghiglieri, Jr., Independent Community Bankers of America (ICBA) chairman and president of Alpha Financial Group, Inc., Toluca, Ill., issued the following statement following the mark up of industrial loan company (ILC) legislation by the Senate Banking, Housing and Urban Affairs Committee:

"ICBA thanks Senate Banking Committee Chairman Christopher Dodd (D-Conn.) for advancing legislation to close the industrial loan company loophole through his committee to the Senate floor. We look forward to working with the chairman, Ranking Member Richard Shelby (R-Ala.) and other Banking Committee members in seeing the process work through the Senate."

"This legislation is of vital interest to our nation's communities and strengthens economic diversity in communities nationwide. As the leading advocate for legislation to uphold the fundamental principle of the separation of banking and commerce, ICBA looks forward to working with Congress to complete action on this essential legislation to permanently close the ILC loophole allowing commercial companies to enter retail banking."