ICBA's pushback on Rakuten's industrial loan company application is making headlines.
ICBA's Chris Cole told American Banker
that ICBA has long sought to close the ILC loophole to prevent the mixing of banking and commerce, but the application by the "Amazon of Japan" takes the issue to a completely new level.
In an August comment letter
, ICBA called on the FDIC to deny Rakuten Bank America’s federal deposit insurance application and impose an immediate moratorium on ILC applications.
In a comprehensive white paper
released earlier this year, ICBA detailed the transformation of the ILC charter.