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ICBA expressed support for an FDIC proposed rule that would enhance oversight of industrial loan companies, or ILCs.
In a comment letter, ICBA commended the FDIC for proposing to strengthen its review of “shell” and “captive” ILCs, including those that rely heavily on parent companies or serve primarily as a funding channel for commercial businesses.
In its proposal, the FDIC cites the consumer risks of financial institutions that are inextricably tied to parent organizations experiencing financial stress.