Home Depot Inc.’s announcement late May 9 that it plans to acquire a Utah industrial loan company is sure to invigorate efforts on Capitol Hill to eliminate this controversial category of lending institution.
Depending on state law, industrial loan companies, or ILCs, can offer nearly all the services traditional banks can, but their owners face much less scrutiny from federal regulators. Critics of ILCs say the institutions are a danger to the U.S. banking system because, while they are covered by federal deposit insurance like other banking institutions, the reduced oversight could allow them to venture into riskier activities.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
