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July 1, 2020

Better Markets Issues Comment on FDIC Proposal Favoring Industrial Banks and Industrial Loan Companies

The FDIC is proposing a set of conditions on the agency’s grant of any application for deposit insurance, change in control, or merger that results in an insured industrial bank or industrial loan company. While the agency claims that this proposal of conditions is merely codifying the FDIC’s current approach to the supervision of industrial banks and their parent companies, it would in fact facilitate the acquisition of IBs by both financial firms and nonfinancial commercial enterprises. This is a development that would create significant risk for the stability of the banking sector and the broader economy. Read our full comments here or by clicking the button below

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