ICBA updates ILC loophole white paper

Ahead of this week’s Capital Summit, ICBA updated its white paper detailing why policymakers should close a legal loophole that allows industrial loan companies and their parent companies to skirt regulatory oversight.

White Paper: “Industrial Loan Companies: Closing the Loophole to Avert Consumer and Systemic Harm” calls on the FDIC to impose an immediate moratorium on approving deposit insurance for these companies and urges Congress to close the ILC loophole permanently.

Grassroots: Closing the ILC loophole is a key policy priority for this week’s summit and among the issues included in the ICBA grassroots message community bankers can send to their lawmakers as part of the advocacy push.