Industrial Loan Companies Request for Public Comment on Wide-Ranging Issues
FIL-79-2006 August 29, 2006
The FDIC is seeking public comment on wide-ranging issues involving industrial loan company charters. Comments are due by October 10, 2006.
On July 28, 2006, the FDIC's Board of Directors imposed a six-month moratorium on industrial loan company (ILC) deposit insurance applications and change of control notices. The moratorium will expire on January 31, 2007.
On August 23, 2006, a Notice and Request for Comment was published in the Federal Register, which includes 12 specific questions on ILCs. The questions cover a variety of topics, including the current legal and business framework of ILCs and the possible benefits, risks and supervisory issues associated with ILCs.
The FDIC believes that public participation will provide valuable insight into the issues presented by recent trends and changes in the ILC industry.