This week, AFSA along with other financial associations, sent a letter urging the FDIC to withdraw its proposed rule that will negatively impact current ILC institutions and discourage future applications.

In July 2024 the FDIC announced… Read the rest

A 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

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

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

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

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

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