FDIC issues final rule on ILC deposit insurance applications
By EsqSocial Corporation 29/12/20
The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB). Along with the FDIC’s final rule regarding brokered deposits, the adoption of the final rule represents a significant development for fintech companies and other commercial...
By: Ballard Spahr LLP