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 Pushes Back on FTC
Sep 14, 2022
On September 12 AFSA submitted a comment letter on the Federal Trade Commission (FTC) proposed Motor Vehicle Dealers Trade Regulation Rule. The Consumer Bankers Association (CBA) also joined the letter.
The Rule designates a variety of … 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
11th Circuit Agrees with AFSA on Hunstein
Sep 08, 2022
By a vote of 8 to 4, judges in the 11th Circuit Court of Appeals held that the plaintiff in Hunstein v. Preferred Collection and Management Servs., Inc., failed to allege a concrete harm that would provide Article III standing to pursue claims… Read the rest
LISTEN | End-of-Summer Federal Update
Sep 08, 2022
Join the AFSA Extra Credit Podcast and the Federal Government Affairs team in a policy discussion and a look at the mid-term elections.
Michael Grimes walks through the legislation Congress must pass before heading out for the October recess,… Read the rest
Arguments Scheduled in Davidson
Sep 07, 2022
The U.S. Circuit Court of Appeals for the Fourth Circuit has scheduled oral arguments in Davidson v. UACC for October 26 at 9:30 am ET. The case addresses whether financing Guaranteed Asset Protection (GAP) brought a vehicle contract under… Read the rest
CFPB Director Rohit Chopra to Address AFSA Annual Meeting
Sep 06, 2022
AFSA is pleased to announce that Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB) will address the 2022 AFSA Annual Meeting held at The Breakers in Palm Beach, FL from October 23-26.
Director Chopra was confirmed… Read the rest
September Featured Business Partner | Allied Solutions
Sep 06, 2022
The featured AFSA Business Partner for September is Allied Solutions. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2022. Learn more at alliedsolutions.net.
What … 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
SGA Publishes Installment Lending Licensing Survey
Aug 22, 2022
AFSA’s State Government Affairs (SGA) team published a new 50-state survey on installment lending licensing. The survey provides an overview of state licensing requirements. In 34 states and the District of Columbia licensees can apply… Read the rest