FDIC extends comment period on ILC proposal

May 28, 2020

The FDIC extended the public comment period for its proposed rule regarding industrial banks and industrial loan companies to July 1, 2020.

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