Parent Companies of Industrial Banks and Industrial Loan Companies

Title:
Parent Companies of Industrial Banks and Industrial Loan Companies
Subject: Industrial banks, ILCs
Agency: FDIC
Status: Final rule
Summary:

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.

FR Doc: 2020-28473
Date proposed:
Comments due date: July 1, 2020
Final rule effective date:

April 1, 2021

Rule compliance date:
Agency release:

Related Reg Report item(s):

Proposal would set conditions, commitments for certain filings by industrial banks – including those related to deposit insurance

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