News Topic: ILCs

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Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, a digitally focused platform that plans to operate as an industrial loan company. ... Read full article

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank. ... Read full article

The Fortune 500 conglomerate is looking to form Thrivent Bank to provide banking products to more customers. ... Read full article

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider. ... Read full article

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank. ... Read full article

The agency's principals are scheduled to meet Dec. 15 to vote on a new definition for brokered deposits and on regulatory standards for industrial bank parents. ... Read full article

The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner. ... Read full article

The success of some fintechs in getting bank charters this year only underscores how onerous the process remains for many others. That’s unlikely to change unless policymakers reconsider what it means to be a bank. ... Read full article

The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly. ... Read full article

The Japanese conglomerate first applied for deposit insurance in July 2019 and again in May 2020. ... Read full article

Jelena McWilliams's term as FDIC chair expires in 2023, and she cannot be removed by an incoming president. But if Joe Biden prevails, he may ask her to stay — and if she does, governing a Democratic-majority board would be a very different ... Read full article

For too long, nonbanks have been allowed to form industrial loan companies to operate as banks without Fed oversight. This regulatory pass should not be given during a crisis. ... Read full article

Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements. ... Read full article

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership ... Read full article