The Independent Community Bankers of America (ICBA) today expressed support for an FDIC proposed rule that would enhance oversight of industrial loan companies, or ILCs. In conjunction with the letter, ICBA also released new polling data showing consumer skepticism with the ILC charter, a legal loophole that allows full-service banks to skirt oversight and violate U.S. policy separating banking and commerce.

ICBA’s Check Fraud Task Force published a guide that explains the solutions available to community banks to detect instances of check fraud.

ICBA told the federal banking agencies that their proposals to update anti-money-laundering and countering-the-financing-of-terrorism programs would create additional burdens on banks without any demonstrable benefit to combatting money laundering or terror financing.