ICBA called on the FDIC to deny Square Financial Services Inc.’s recently refiled deposit-insurance application. In a letter on the application, which was filed Dec. 19 after Square withdrew its original ICBA-opposed bid, ICBA also repeated its call for the FDIC to impose a moratorium on ILC deposit-insurance applications and for Congress to permanently close the ILC loophole.
ICBA to FDIC: Deny Square’s Latest Application
ICBA expressed disappointment in federal regulators’ insufficient proposal to reduce reporting burdens and repeated its call for a true short-form call report. Following its weeks-long grassroots advocacy campaign, ICBA said the call report for the first and third quarters should consist of a balance sheet, income statement, and statement of changes in shareholders’ equity.
January 22, 2019 / By ICBA
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