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Bipartisan Agreement: ILCs Crucial

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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 (R-UT) and Catherine Cortez Masto (D-NV), the group highlighted how ILCs are an integral and necessary part of the financial services marketplace. Sen. Romney also published an article in the American Banker highlighting the letter.

“We write today to express support for the industrial loan company (ILC) charter and respectfully remind you to ensure the Federal Deposit Insurance Corporation (FDIC) continues to follow the laws that Congress carefully designed for the FDIC to consider new deposit insurance applicants, including ILCs,” the letter stated.

In a time of higher consumer prices, even higher inflation rates, and increased uncertainty about employment in the face of the economic downturn, AFSA appreciates the Senators’ support for more financial services options for American consumers and businesses, not fewer.

ILCs are safe and secure financial institutions fully regulated at the state and federal level. Moreover, the ILC applications that have been filed will prioritize investments in a clean energy economy and help expand domestic mobility. The FDIC should encourage, if not maintain, ILC activities and not hinder charter application processes.

The full list of senators on the letter includes Senators Mitt Romney, Catherine Cortez Masto, Marsha Blackburn (R-TN), Roy Blunt (R-MO), Bill Hagerty (R-TN), Mike Lee (R-UT), Gary Peters (D-MI), Jacky Rosen (D-NV), and Krysten Sinema (D-AZ).

For almost 50 years, AFSA has worked to protect and expand the use of ILCs to expand responsible credit options for all Americans, including through congressional testimony and numerous comment letters.


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

2022 Virtual Fixed Income Investors Summit
Sep 12, 2022

The AFSA Fixed Income Investor Summit returns virtually for 2022.

Join finance industry executives, debt issuers, and investors virtually on Wednesday, December 14 for a fast-paced, single-day conference featuring industry updates,… Read the rest

Road to Recovery? An Economic Status Report
Sep 01, 2022

Join Danielle DiMartino Booth, CEO & Chief Strategist for Quill Intelligence LLC, and Steve Riccuitto, Chief Economist of Mizuho Securities USA at the 2022 AFSA Annual Meeting for a lively examination of the U.S. and global economies,… Read the rest

WATCH | Reduce Your Fair Lending Risk
Aug 09, 2022

Join us on August 17, 2022 at 2:00 p.m. ET for The CFPB Flexes its Muscle in the Fair Lending and Anti-Discrimination Space: Thoughts on How to Reduce Your Risk.

Earlier this year, the Consumer Financial Protection Bureau (CFPB) substantially… Read the rest

CA Bill Sows Confusion
Jun 23, 2022

AFSA’s state government affairs team this week sent a letter to the California Senate raising concerns with SB 1311. Among other provisions, the bill would void the security interest in a vehicle financed by a covered service member if the … Read the rest

Consumers Need Access to More Financial Service Choices, Not Fewer
Jun 21, 2022

AFSA President and CEO Bill Himpler weighed in on the important role Industrial Loan Companies (ILCs a.k.a Industrial Banks) can play for consumers. As the House Financial Services Committee considers legislation that would limit the growthRead the rest

Smart Regulation
Jun 09, 2022

Smart regulations, fair competition, and increased innovation have always benefitted American consumers. However, this week, Congress focused on four proposals that would create more roadblocks for consumers and small business seeking… Read the rest

Understanding the Newest Generation of Bill Payers
Jun 01, 2022

Join us on June 2nd for Understanding the Newest Generation of Bill Payers, presented by PayNearMe.

How do consumers ages 18-29 prefer to pay bills? What causes them to pay late? How does this differ from older generations?

In this webinar,… Read the rest

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