Continuing in its ongoing effort to prevent fintechs from exploiting a “loophole” in federal banking laws, the Independent Community Bankers of America (ICBA) once again urged the Federal Deposit Insurance Corp. to impose an immediate moratorium on industrial loan company (ILC) charters and to deny a high-profile applicant’s bid to obtain one.
The letter represents ICBA’s second formal effort to prevent the company from obtaining an ILC charter. The first came shortly after it filed the charter application in late July.
Find out more about why the association does not believe the company should be chartered.