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The Jones Financial Companies said it has applied with the FDIC and Utah Department of Financial Institutions to establish the Edward Jones Bank industrial loan company. The Edward Jones Investments parent company said the ILC would help the brokerage better serve its clients.
ICBA recently called on the FDIC to deny Rakuten Bank America’s resubmitted ILC deposit insurance application. In a separate letter, ICBA urged the FDIC to strengthen its proposal to enhance oversight of ILC parent companies.