FDIC board meeting next week on ILCs

Mar 13, 2020

The FDIC scheduled a board meeting for next week to discuss a proposed rule related to the parent companies of industrial loan companies. The board meeting is scheduled for 2 p.m. (Eastern time) Tuesday.

ICBA continues to lead the opposition to mixing banking and commerce through exploitation of the ILC loophole, and it strong supports legislation to close it. In a white paper issued last year, ICBA details the transformation of the ILC charter.