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Expert Analysis

FDIC's Cautious Approach To Industrial Banks, Reaffirmed

By Max Bonici and Andrew Bigart (September 27, 2024, 10:32 AM EDT) -- Becoming or owning an industrial loan company, or ILC — the elusive nonbank bank option, as Congress coined the term in 1987 — still has an allure for financial services providers that want to (1) lend on a national scale while avoiding state-by-state licensure, (2) accept insured deposits with some limits, and (3) avoid full, comprehensive regulation and supervision of parent companies and various affiliates by the Federal Reserve under the Bank Holding Company Act....

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