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ICBA Statement on FDIC Moratorium on ILCs

Washington, D.C. (July 28, 2006) — Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement upon the FDIC’s ILC moratorium announcement:

“ICBA is extremely pleased with the FDIC’s announcement of a six-month moratorium on ILCs.  We commend the FDIC for recognizing that these are not routine applications.  They will have a far reaching impact on the fundamental structure of our financial and economic system and on local communities and small business.  That is why 150 members of Congress have publicly expressed their concerns to the FDIC, including more than 100 that called for an ILC moratorium.  Congress has before it ILC reform legislation and we urge Congress to consider it expeditiously.