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 financial service marketplace.
Bipartisan Senators including Sherrod Brown (D-OH), Bob Casey (D-PA), Chris Van Hollen (D-MD), John Kennedy (R-LA), Roger Wicker (R-MS), and Mike Braun (R-IN) sponsored an anti-ILC bill will hinder financial innovation that provides unique solutions for many niche types of businesses in the banking system, including major automobile manufacturers and other diversified companies.
Industrial banks are heavily regulated, subject to the same banking laws, and regulated in the same manner as other depository institutions. They are supervised and examined by the states that charter them (Utah, California, Colorado, Nevada, Hawaii, Indiana, or Minnesota) and by the Federal Deposit Insurance Corporation (FDIC). They are subject to the same safety and soundness, consumer protection, deposit insurance, Community Reinvestment Act, and other requirements as other FDIC-insured depository institutions.
AFSA expects a House version to be introduced soon and will update you if the Close the Shadow Banking Loophole Act moves through the legislative process.
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
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
AFSA Supports Competition and Access to Credit
Jan 24, 2024
AFSA joined with the National Association of Industrial Bankers, the Utah Bankers Association, and the Nevada Bankers Association in a letter to all Senators in opposition to S. 3538, the misnamed “Close the Shadow Banking Loophole Act,”… Read the rest
November White Paper on Debt Settlement Companies
Nov 02, 2023
Our latest white paper is now available. This month’s white paper takes a deeper look into debt settlement companies.
Debt settlement companies promise to reduce consumer debt significantly, but they charge high fees and may not disclose… Read the rest
October White Paper | Consumer Complaints 2023 Update
Oct 16, 2023
AFSA’s State Government Affairs’ latest white paper is now available. This month’s white paper delves into top consumer complaints reported by states.
Consumer complaint information can serve as a valuable resource for financial… Read the rest
One Revolution: Chris Waddell
Sep 19, 2023
Join us at the 2023 Annual Meeting in Salt Lake City to be motivated and inspired by Chris Waddell’s life journey and learn how you can embrace his hard-earned wisdom for yourself, your team, and business for the challenges ahead.
Get ready for… Read the rest
Elevate in Salt Lake | Rep. Blake Moore (R-UT)
Aug 24, 2023
AFSA is pleased to announce U.S. Rep. Blake Moore (R-UT) as the featured speaker at breakfast on Wednesday, October 4 at the 2023 Annual Meeting.
Congressman Moore serves on the House Ways and Means and Budget Committees, and in his first term… Read the rest