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AFSA Advocates ILCs

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bipartisan group of Representatives recently led by Rep. Blake Moore (R-UT) sent a letter to FDIC Chair Martin Gruenberg, urging the withdrawal of the proposed rule governing parent companies of industrial banks and industrial loan companies. The letter highlighted the uncertainty that would occur if the rule was finalized and how that would impede the ability of ILCs to offer crucial products and services to consumers. The letter states emphatically that the proposed rule “overturns the governance regime of existing banks and lengthens the already complex application process for new charters, despite no congressional authorization or evidence that the present regulatory structure is not working.” ILCs are subject to the same laws and regulations as other state banks, and already must comply with the same regulatory requirements and oversight as any other FDIC-insured depository institution.

AFSA also submitted a letter to the FDIC, reiterating that industrial banks continue to demonstrate financial strength in meeting the needs of the communities that they serve. This rule would hamstring these institutions and hinder the tangible benefits offered by these structures. AFSA urged Chair Gruenberg to withdraw the rule, which would enable the FDIC to diversify the concentration of risk to the insurance fund, that is currently posed by a few large institutions.

This issue affects a number of industries, as the Alliance for Automotive Innovation and National Automobile Dealers Association also submitted a letter to Chair Gruenberg.

We are grateful to all these members for their leadership in this space:

Congressman Blake Moore (R-UT)

Congressman John Curtis (R-UT)

Congressman Burgess Owens (R-UT)

Congresswoman Celeste Maloy (R-UT)

Congressman Bill Huizenga (R-MI)

Congressman Frank Lucas (R-OK)

Congressman Mark Amodei (R-NV)

Congresswoman Dina Titus (D-NV)

Congresswoman Lisa McClain (R-MI)

Congressman Shri Thanedar (D-MI)

Congressman Steven Horsford (D-NV)

Congressman C.A. Dutch Ruppersberger (D-MD)

Congresswoman Haley Stevens (D-MI)

Congressman Steve Cohen (D-TN)

Congressman Ritchie Torres (D-NY)

Congressman Vicente Gonzalez (D-TX)

Congressman Joseph Morelle (D-NY)

Congressman Pete Sessions (R-TX)

Congressman Timothy Kennedy (D-NY)

AFSA Advocates ILCs
Oct 16, 2024

bipartisan group of Representatives recently led by Rep. Blake Moore (R-UT) sent a letter to FDIC Chair Martin Gruenberg, urging the withdrawal of the proposed rule governing parent companies of industrial banks and industrial loan… Read the rest

Senators Introduce Anti-ILC Legislation
Dec 15, 2023

Today, AFSA wrote a letter to the Senate Banking Committee in opposition to the recently introduced the Close the Shadow Banking Loophole Act, which targets the ability of Industrial Loan Companies (ILCs) charted entities to exist in the … Read the rest

Bipartisan Agreement: ILCs Crucial
Sep 15, 2022

A bipartisan group of Senators sent a letter today expressing their support for industrial loan company (ILC) charters to Martin J. Gruenberg, acting chair of the Federal Deposit Insurance Corporation (FDIC). Led by Senators Mitt Romney… Read the rest

AFSA Reiterates Importance of ILCs in Congressional Testimony
Apr 20, 2021

Last week, AFSA emphasized to House Financial Services Committee members that ILCs are highly regulated and well-capitalized. AFSA’s testimony was entered into the record by Chairman Ed Perlmutter (D-CO)as part of a subcommittee hearing… Read the rest

FDIC Finalizes ILC Rules
Dec 18, 2020

This week, the FDIC finalized a rule to require certain conditions and commitments for each deposit insurance application approval from an industrial bank or industrial loan company (ILC) whose parent company is not subject to consolidated… Read the rest

Who Gets the Gavel Next?
Dec 05, 2024

The House GOP’s Steering Committee is meeting next week to determine committee chairs for the 119th Congress. Four House Financial Services Committee members are in the running for the gavel following current Chairman Patrick McHenry’s… Read the rest

October White Paper | Buy Now, Pay Later
Oct 02, 2024

AFSA’s State Government Affairs team has released its October white paper, which is focused on “buy now, pay later” (BNPL) services.

The rise of online shopping has fueled the popularity of BNPL services, which allow consumers… Read the rest

July White Paper | AI
Jul 10, 2024

Last week, AFSA’s State Government Affairs team released its July white paper. This month’s white paper dives into artificial intelligence.

AI and algorithms are transforming industries like financial services, enhancing… Read the rest

Champions Club Speaker Announced!
Feb 21, 2024

AFSA is pleased to confirm that two-time NBA champion, college All-American, and award-winning broadcaster Kenny Smith will serve as the 2024 Champions Club keynote speaker at the 2024 Independents Conference and Expo.

Known throughout

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