ILC to be under BHCA umbrella

REGULATORY UPDATE

ILCs – traditionally state-chartered companies that lend to industrial workers unable to access uncollateralised loans from banks – have grown into some of the nation's complex financial institutions with extensive access to financial markets.

However, the Act allows companies that control a federally insured ILC to conduct banking activities through the ILC without being subjective to the federal supervisory regime that applies to companies that own or control banks and thrifts.

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