In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more
A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more
An ILC, or industrial loan company, is a form of bank that can be chartered in Utah, Nevada, and a few other states. ILCs are insured by the FDIC and have most traditional banking powers, but they cannot hold corporate...more
We previously reported on Social Finance, Inc.’s application for an industrial loan company (ILC) charter. That is now over, at least for the time being. On Friday, October 13, the online lender announced it is withdrawing...more
On September 8, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (the “OCC,” and...more