ICBA Seeks to Block New Industrial Loan Charters

The Independent Community Bankers of America (ICBA) is lobbying Congress to block fintech firms from obtaining an Industrial Loan Company charter; the ICBA distributed a policy paper in Washington calling for an immediate moratorium on providing federal deposit insurance to ILCs; they will be lobbying members of Congress including the Senate Banking and House Financial Services committees; Nat Hoopes of the Marketplace Lending Association pushed back saying this, “As thousands of traditional bank branches close, many communities are losing banking options. Limiting consumers’ banking choices in these circumstances is not going to help the American economy.” Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.