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Comments due on FDIC proposal on parent banks of industrial loan companies

07/01/2020
Status: 

The FDIC has published at 85 FR 17771 in today's Federal Register a notice of proposed rulemaking and request for comment. The agency is seeking comment on a proposed rule that would require certain conditions and commitments for each deposit insurance application approval, non-objection to a change in control notice, and merger application approval that would result in an insured industrial bank or industrial loan company becoming, after the effective date of any final rule, a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board.

The proposed rule also would require that before any industrial bank or industrial loan company may become a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board, such company and the industrial bank or industrial loan company must enter into one or more written agreements with the Federal Deposit Insurance Corporation.

Comments on the proposal will be accepted through June 1, 2020.

UPDATE: On May 27, 2020, the FDIC published a notice it has extended the comment period on this proposal to end July 1, 2020.

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