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: Proposed rule
Summary:
The Federal Deposit Insurance Corporation 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.
FR Doc: 2020-06153; 2020-11446 (comment deadline extended)
Date proposed:
Comments due date: July 1, 2020
Final rule effective date:

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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