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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:
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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).
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