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Industrial loan company - Wikipedia

25 rows · An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. They provide niche financial services nationwide. ILCs offer FDIC-insured deposits and are subject to FDIC and state regulator oversight.All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act ...…

FDIC: Supervisory Insights - The FDIC's Supervision of ...

Stand-alone banks, savings associations, bank and thrift holding company subsidiaries, industrial loan companies, and other FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the parent company. 2 Federal Reserve Regulation O places limitations on loans ...…

Industrial Banks Utah Department of Financial Institutions

Industrial banks were also known as industrial loan corporations (ILCs) in Utah until 2004 when state law was amended to rename this class of institution to better reflect their legal status as fully fledged FDIC insured depository institutions. Outside of Utah, industrial banks are often still referred to as ILCs.…

The FDIC’s Supervision of Industrial Loan Companies: A ...

holding company subsidiaries, industrial loan companies, and other FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the parent company.2 Federal Reserve Regulation O places limitations on loans to bank insiders and applies to all insured banks.3 The ...…

Industry Consumer and Industrial Loan Companies

Consumer loan company licenses are renewed annually on Dec. 20, prior to the Dec. 31 expiration. The renewal fee is $400 per location. How to License an Industrial Loan Company: 1. Read KRS 286.7 and the applicable administrative regulations under KAR 808, Chapter 5. 2. Complete the application form.…

Industrial Loan Company - Banking Regulation in the U.S ...

The principle alternative that we will talk about in this lecture is industrial loan company, or ILC charter, which is a type of charter that gives non-financial institutions the ability to enter the banking industry without being subject to the same level supervisory oversight that applies to commercial banks.…