Inactive Financial Institution Letters
|Industrial Loan Companies
Request for Public Comment on Wide-Ranging Issues
August 29, 2006
||The FDIC is seeking public comment on wide-ranging issues involving industrial loan company charters. Comments are due by October 10, 2006.
- 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.
All Insured Institutions
Chief Executive Officer
August 23, 2006, Federal Register notice - PDF 60k (PDF
Thomas Bolt, Counsel, Legal Division, on (202) 898-6750
FIL-79-2006 - PDF 37k (PDF Help)
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).