Industrial Loan Companies After The Moratorium

Law360, New York (January 31, 2008, 12:00 AM EST) -- The FDIC’s self-imposed moratorium on industrial loan company (ILC) applications expired yesterday. The expiration marks the end of a contentious two year period in which Congress, federal banking agencies, and the private sector vigorously debated the future of these specialized banking entities. Industrial loan companies are state-chartered, FDIC insured financial institutions that are not subject to the Bank Holding Company Act’s restrictions.

Commercial corporations not subject to the oversight of a federal banking regulator can own industrial loan companies and use them to perform a variety...
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