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Discussing All Sides of Industrial Loan Companies

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Washington, D.C. may be operating under one political party at both ends of Pennsylvania Avenue, but that doesn’t mean only one side of public policy should be discussed.

Unfortunately, that’s exactly what happened on March 12, when the Bank Policy Institute held a seminar which it said was intended to “encourage discussion on the role of Industrial Loan Companies (ILCs) in the modern financial system and to explain the latest regulatory environment governing ILCs.” The hosts of the seminar, however, did not invite a single representative from the ILC industry to take part.

“Failing to include anyone on the panel representing Industrial Banks makes me wonder if the actual purpose of the panel was to obfuscate the facts about Industrial Banks rather than educate interested stakeholders,” noted Frank Pignanelli, Executive Director of the National Association of Industrial Bankers, who agreed there was a need to examine industrial banks in today’s market.

AFSA has long pushed for the growth of industrial loan companies. Industrial banks are subject to the same banking laws and are regulated in the same manner as other depository institutions. They are supervised and examined both by the states that charter them 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.

“The FDIC quarterly call report data conclusively demonstrate that Industrial Banks are among the safest and soundest financial institutions in the country,” Pignanelli continued. “The structure and substance of this event makes one thing perfectly clear, this one-sided discussion is not about the safety of Industrial Banks, how they serve their customers or the banking system. Instead, it was an hour-long infomercial about shutting out fair and effectively regulated competition.”

Discussing All Sides of Industrial Loan Companies
Mar 16, 2021

Washington, D.C. may be operating under one political party at both ends of Pennsylvania Avenue, but that doesn’t mean only one side of public policy should be discussed.

Unfortunately, that’s exactly what happened on March 12, when the Bank… Read the rest

CFPB Issues Final Debt Collection Rule
Oct 30, 2020

For the first time in the Fair Debt Collection Practices Act’s (FDCPA) 40-plus-year history, a regulatory agency has issued rules under the statute.  

The new rulemaking, issued by the Consumer Financial Protection Bureau (CFPB), Read the rest

CFPB Issues Two NPRMs on Mortgage
Jun 24, 2020

The Consumer Financial Protection Bureau (CFPB) has issued two notices of proposed rulemaking (NPRMs) to amend the Ability to Repay/Qualified Mortgage (ATR-QM) Rule. The first NPRM would extend the sunset date for a temporary category … Read the rest

Looking Back at AFSA’s Success in 2019
Jan 09, 2020

AFSA’s federal government affairs team continued to be highly effective in advocating for the protection of consumer credit and choice in 2019. Below are just a few of the 2019 federal successes.

Rate Caps: Prevented legislation extending… Read the rest

Auto Finance chief executives set for AFSA conference
Jan 15, 2019

The chief executives of five auto finance lenders, representing captives and major banks, will participate in a panel discussion next week at AFSA’s annual Vehicle Finance Conference, capping off three days of deep dives and 30,000-foot… Read the rest

Just One Month until the 2019 Vehicle Finance Conference & Expo!
Dec 20, 2018

As 2018 continues to tick down toward the new year, we edge closer to the premier event for the vehicle financing community. The 2019 AFSA Vehicle Finance Conference & Expo will be held from January 22-24, 2019 at the Hilton Union Square… Read the rest

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