ILC to be under BHCA umbrella
WASHINGTON, DC – The American Congress has been urged to bring the parent companies of industrial loan corporations (ILCs) under consolidated supervision of the Bank Holding Company Act .
ILCs – traditionally state-chartered companies that lend to industrial workers unable to access uncollateralised loans from banks – have grown into some of the nation's complex financial institutions with extensive access to financial markets.
However, the Act allows companies that control a federally insured ILC to conduct banking activities through the ILC without being subjective to the federal supervisory regime that applies to companies that own or control banks and thrifts.
Thrift and bank
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