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.”

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.

FDIC finishes long-awaited rules on brokered funds, ILCs

Banks and some of their deposit-gathering businesses won additional regulatory relief when the Federal Deposit Insurance Corp. finalized a new framework for classifying brokered deposits enabling a broader set of companies to escape restrictions.