FDIC extends comment period on proposed rule for approval of ILC deposit insurance applications

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The FDIC has extended by 30 days the comment period on its proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).  For the reasons discussed in our prior blog post, the proposal represents a significant development for fintech companies and other commercial companies seeking to establish ILCs.

The FDIC’s action extends the comment deadline from June 1, 2020 to July 1, 2020.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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