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Recent News
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FDIC Moratorium on ILC Applications
We received word today from ICBA and the office of Congressman Ruben Hinojosa that the FDIC has instituted a 6 month moratorium on Industrial Loan Company (ILC) applications. (Read the press release) ICBA and IBAT, along with numerous other individuals, banks and trade groups, have both commented and lobbied Congress to preclude Wal-Mart and other commercial entities from entering the banking business through this loophole. We are pleased that the FDIC Board has chosen to allow adequate time to fully review this troubling issue, and appreciate all of you who contacted your respective members of Congress to let them know of your concerns.
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Comments & Questions
If you would like to comment or have questions about this information,
please call Darlene Revers in our membership department at (800) 749-4228
or email drevers@ibat.org.
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