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Inactive Financial Institution Letters

Industrial Loan Companies
Request for Public Comment on Wide-Ranging Issues
FIL-79-2006
August 29, 2006


Summary: The FDIC is seeking public comment on wide-ranging issues involving industrial loan company charters. Comments are due by October 10, 2006.

Highlights:
  • On July 28, 2006, the FDIC's Board of Directors imposed a six-month moratorium on industrial loan company (ILC) deposit insurance applications and change of control notices. The moratorium will expire on January 31, 2007.
  • On August 23, 2006, a Notice and Request for Comment was published in the Federal Register, which includes 12 specific questions on ILCs. The questions cover a variety of topics, including the current legal and business framework of ILCs and the possible benefits, risks and supervisory issues associated with ILCs.
  • The FDIC believes that public participation will provide valuable insight into the issues presented by recent trends and changes in the ILC industry.
  • Comments may be submitted through the FDIC's Web site at http://www.fdic.gov/regulations/laws/federal/propose.html. Comments may also be submitted through e-mail, U.S. Postal Service, or hand-delivery as detailed in the attached Federal Register citation.
  • All comments received on or before October 10, 2006, will be posted without change, including any personal information provided, to the above Web site.

Distribution:
All Insured Institutions

Suggested Routing:
Chief Executive Officer
Legal Counsel

Related Topics:
None

Attachment:
August 23, 2006, Federal Register notice - PDF 60k (PDF Help)

Contact:
Thomas Bolt, Counsel, Legal Division, on (202) 898-6750

Printable Format:
FIL-79-2006 - PDF 37k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 202-562-2200).



Last Updated 08/29/2006 communications@fdic.gov