WASHINGTON–Financial institutions are calling on Congress to make the FDIC’s one-year moratorium on industrial loan company (ILC) applications permanent. The issue came to a head when several large retailers–in particular, Wal-Mart–applied for ILC charter, the so-called “back-door bank charter.” In a joint letter to Senate Banking Committee Chairman Chris Dodd (D-CT), the American Bankers Association, America's Community Bankers, and Independent Community Bankers of America all called on the presidential hopeful to do what he can to get moving on this legislation, which has been on the backburner since May.
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