Parent Companies of Industrial Banks and Industrial Loan Companies
|Subject:||Industrial banks, ILCs|
The Federal Deposit Insurance Corporation is adopting a final rule that requires 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, on or after the effective date of the final rule, a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve Board. The final rule also requires 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 due date:||July 1, 2020|
|Final rule effective date:||
April 1, 2021
|Rule compliance date:|
|Related Reg Report item(s):|