WASHINGTON — Most lawmakers on Capitol Hill appear reluctant to announce positions on a pair of fintech firms’ recent applications for industrial loan company charters. But that neutrality may give way if more firms — especially bigger companies — enter the ILC field.

“I’m not sure that there is anything imminent or on the horizon that will force legislators to make a choice,” said John Beaty, a partner at Venable LLP and a former Federal Deposit Insurance Corp. attorney. “That said, if a major commercial company steps in and … threatens community bank operations, that could make everyone sit up and start thinking about it.”

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.