FDIC Adopts Final Rule Regarding ILC Applications

Financial Services attorney Bob Jaworski authored an article for The Banking Law Journal about the Federal Deposit Insurance Corporation's (FDIC) final rule clarifying how it will treat applications to insure an industrial bank or industrial loan company (ILC) or to merge with or acquire control of an ILC. Because owning or controlling an ILC is the only way for non-financial services companies to offer banking products and services to customers, ILC chartering is an attractive option for these companies. The FDIC's final rule concerns cases when approving applications will cause one such company to own or control an ILC. In his article, Mr. Jaworski analyzes the final rule and explains its importance.

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