
Industrial Banks: Providing safe and sound credit to millions of Americans.
Important News Updates
This is the last scheduled session week before the August break for the House of Representatives; the Senate is in next week and then set to break. However, President Trump has urged the Senate to stay in session and work to confirm nominees.
In DC, this week has been dubbed “Crypto Week” with multiple digital asset bills up for floor consideration in the House. We will be keeping an eye on those vote tallies.
The Senate is in session this week, but the House has canceled votes after staying in D.C. last week to pass the reconciliation package.
Both chambers are back this week before a scheduled recess next week for the 4th of July. It is a busy week ahead, but we are still basking in the glow of the OKC Thunder’s clinching of the NBA title yesterday. The extra sunlight from the solstice doesn’t hurt, either.
Thrivent Bank is the sixteenth FDIC-insured industrial bank operating in Utah. Thrivent Bank is the first de novo industrial bank to open in the state since 2021.
May was an eventful month, with the reconciliation bill sticking to timelines (against many predictions) and passing the House of Representatives. This month will be devoted to the Senate, as Majority Leader John Thune pushes to get the bill on the President’s desk by July 4th.
We write this knowing that the moment we hit send, it will become obsolete, because such is the pace of change these days. The main event we are watching continues to be reconciliation.
Resources

Reports & Studies
Reports show that ILCs are safe and sound and should be viewed and regulated differently.

Comment Letters
Association letters regarding the potential changes to the regulatory landscape for ILCs.

Upcoming Events
NAIB & UAFS Annual Convention
Park City, UT
October 1-3, 2025

Who we are:
Industrial banks, also known as industrial loan companies (ILCs) have been an integral part of the US financial system for over a century. These visionary companies have built the National Association of Industrial Bankers (NAIB) to champion innovative financial services for Americans by expanding access to credit, guaranteeing consumer choice, and providing unique banking services.
With the change in administration, there is much interest in industrial bank charters in Utah and Nevada.
Our association is happy to field any questions you may have regarding the application process and the various requirements at the state and federal levels.
Industrial banks are the safest and soundest financial institutions in the country. Our Association is committed to defending and promoting the charter. We suggest those who are interested contact the Association so there is a greater understanding of both the regulatory requirements and our internal review process.
The Association provides unique benefits to support DeNovo applicants in their efforts to obtain a charter. We look forward to hearing from interested individuals and organizations who are willing to fulfill the mission of industrial banks to provide safe and secure financial services to Americans.
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