Conference of State Bank Supervisors Comment Letter to U.S. Representative Garcia on proposed ILC legislation

Congress is considering eliminating the exemption for industrial loan companies (“ILCs”) from the definition of a bank under the Bank Holding Company Act (“BHCA”). State regulators believe there are several misconceptions regarding ILCs and the permissible activities of ILCs and their commercial parents.

Read the letter sent by the Conference of State Bank Supervisors here.