Industrial Loan Companies (ILCs) or Industrial Banks have been an integral part of the US financial system for over a century, providing reliable and safe financial services to consumers and businesses. They are regulated by federal and state agencies, with the same requirements as every other FDIC insured bank: subject to CRA, fair lending, privacy laws, the full array of examinations, taxes, etc. The only difference is that an industrial bank's parent or affiliate can engage in non-financial activities.
Industrial Banks Quick GuideILC 101A History of Stability and StrengthThe Bank Policy Institute (BPI) recently made erroneous allegations against ILCs and industrial banks without source documentation. Click
here to separate fact from fiction.
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