ICBA said it opposes an application by Japanese e-commerce conglomerate Rakuten to open a U.S. industrial loan company. In a statement, ICBA said the ILC charter is a loophole that should be closed by policymakers.
"There is nothing innovative about large tech firms attempting to exploit the lax ILC regulatory regime," ICBA President and CEO Rebeca Romero Rainey said.
As ICBA said in a comprehensive white paper earlier this year, the ILC loophole creates an uneven regulatory playing field that threatens consumers and the financial system. ICBA will continue working with policymakers to close the loophole and maintain the separation of banking and commerce.
Read ICBA Release