National Association of Industrial Bankers

THE LATEST

Conference of State Bank Supervisors expresses concern regarding 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

Cross-Section of Business and Financial Interests Oppose New Tax Information Reporting Regime

This proposal would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions.

Read the letters to President Biden and Members of the U.S House of Representatives and Senate regarding this issue.

NAIB Comment Letter on Proposed Interagency Guidance on Third Party Relationships

NAIB member banks understand the importance of managing third party relationships in a safe and sound manner. We hope the comments provided will be helpful in developing well balanced and effective guidelines without regulatory burdens that may be overkill and without adequately considering the impact on the banks.

Respected Academics Reaffirm Safety Of Industrial Banks

The Utah Center for Financial Services at the University of Utah’s comprehensive study “Source of Strength and Consolidated Supervision: A Comparative Assessment of Industrial Banks and Commercial Banks”, by Dr. James Barth and Dr. Yanfei Sun.”

McWilliams to resign as FDIC chief in sudden end to power struggle

Federal Deposit Insurance Corp. Chair Jelena McWilliams announced she will resign early next year, a decision that comes just weeks after a partisan struggle on the agency’s board threatened her leadership.

Congratulations to Top Lobbyists of 2021

Doyle Bartlett and Blair Hancock, members of NAIB’s federal government relations team, were recognized by the noted publication The Hill on their 2021 list of top lobbyists. We thank Doyle and Blair for being champions of industrial banks and innovative financial services for our members and their customers.

Regulators hit reset on CRA reform, commit to joint rulemaking

Federal bank regulators committed to rescinding the Trump-era reform of the Community Reinvestment Act, announcing a second attempt at an interagency rulemaking to modernize the anti-redlining law.

Ameriprise Financial Applies for a State Industrial Bank Charter

Ameriprise Financial (NYSE: AMP) has filed an application to convert Ameriprise Bank, FSB to a state-chartered industrial bank (IB) regulated by the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corporation (FDIC).

An OCC Insider’s Perspective on Fintechs and Bank Charters

While the novel fintech charter may never actually be granted, the concept ironically may usher in a rash of neobanks under full national charters, like Varo Bank. In a way that may end up creating a more level playing field.