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ICBA Commends Sen. Christopher Dodd on ILC Legislation

Washington, D.C. (Jan. 24, 2008)—Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement following Sen. Christopher Dodd's (D-Conn.) announcement on the Senate Banking Committee's 2008 legislative agenda, which includes advancing legislation to close the industrial loan company (ILC) loophole in the Bank Holding Company Act in the next few weeks.

"Sen. Dodd and the Senate Banking Committee have many important public policy issues to take up in the weeks ahead. ICBA appreciates and thanks Sen. Dodd for keeping the industrial loan company issue front and center and making passage of legislation that will maintain the separation of banking and commerce a priority. ICBA agrees with the senator that advancing this legislation is important to the continued safety and soundness of the financial system, especially during this time of volatility in the marketplace. We look forward to working with him as his agenda moves forward."