FDIC Approves ILC Rule Promoting Predatory Lending
Yesterday, the Federal Deposit Insurance Corporation (FDIC) voted to finalize its proposed rule on industrial banks and industrial loan companies (ILCs) and agency approval of new ILC charters. Q3 2020 hedge fund letters, conferences and more “Families all across the country continue to suffer from the economic fallout of the worsening COVID-19 pandemic, but the FDIC has approved a rule that does all the wrong things,” said Linda Jun, senior policy counsel at Americans for Financial Reform Education Fund. “It will leave people in precarious financial situations more vulnerable by undermining s...