NAIB Letter to Members of Congress
Industrial banks are one of America’s most reliable engines of consumer and small-business lending, payments innovation, and community support. For many small manufacturers, hometown auto dealers, independent contractors, and other Main Street businesses, industrial banks are financial lifelines.
Earlier this year the Federal Deposit Insurance Corporation (FDIC) approved three new industrial banks: Ford Motor Credit, GM Financial Bank and Edward Jones Bank. These new industrial banks will provide additional access and opportunities for their customers by providing innovative and creative solutions to address their financial needs.
By expanding access to credit and fostering innovation in lending and payments, industrial banks make the system more competitive, inclusive, and resilient. Industrial banks create better experiences and better outcomes for all consumers and small businesses.