Updates
The latest news and advocacy information for industrial bankers.
Super Harvest Moon!
Tonight is the Harvest Moon and the first of three Super Moons this year. It is the Harvest moon because it is the full moon closest to the autumnal equinox.
Shutdown Week?
With the end of FY 2025 looming on Tuesday at midnight, all indications are that Congress will fail to pass a Continuing Resolution (CR) to keep the government funding into FY 2026.
Bipartisan Senators Highlight Value of Industrial Banks in Letter to FDIC
Last week, the National Association of Industrial Bankers (NAIB) welcomed strong bipartisan support for industrial banks (IBs) from a group of United States Senators. They urged the FDIC to uphold the laws Congress has established to ensure fair treatment of IB applications.
New report summarizes Utah’s community needs for banks’ CRA activities
The Kem C. Gardner Policy Institute finds that Utah benefits from a high concentration of commercial banks, industrial banks, and other financial institutions that engage in Community Reinvestment Act (CRA) activities throughout the state. Their new report summarizes Utah’s community needs that can be addressed by CRA activities, including the needs of low- and moderate-income individuals, small businesses, and the general community.
Welcome to Fall
Today marks the end of summer with the autumnal equinox. I am always a bit melancholy about the end of summer; fall is also a lovely if you ignore the shorter days and the ubiquitous pumpkin spice.
Response to Request for Information on Industrial Banks and Industrial Loan Companies and Their Parent Companies, RIN 3064-ZA48
The National Association of Industrial Bankers, the Utah Bankers Association, and the Nevada Bankers Association appreciate the FDIC’s ongoing support in improving the transparency, timing, and consistency of the current application process.
Reassessing the Strength of Industrial Banks: Evidence, Trends, and Policy Implications
A new report from the Utah Center for Financial Services at the David Eccles School of Business at the University of Utah finds that industrial banks have consistently demonstrated resilience and a strong financial condition, even during periods of economic stress.
15 days from the end of the fiscal year
We are 15 days from the end of the fiscal year. The House is expected to release a short-term Continuing Resolution later this week that will fund the federal government through November 20th.
The last scheduled session week before the August break
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.
“Crypto Week”
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.
Senate is in session this week
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.
Basking in the glow of the OKC Thunder’s clinching of the NBA title
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 Opens Operations in Utah
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
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.
Reconcilation: Watching to see how it turns out
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.
Committees in the House marked up their portions of the reconciliation bill
Last week, several committees in the House marked up their portions of the reconciliation bill, marking another step in the process toward completion of President Trump’s signature legislative effort.
OneMain Bank applies to form industrial Bank
NAIB filed a letter of support for OneMain Bank's application for an industrial bank charter. OneMain Financial has been a long-term member of the Utah Association of Financial Services, an affiliated organization of NAIB.
The four-week focus on the reconciliation package
Members are coming back to Washington, DC, today after a two-week recess for Easter. This four-week stretch will take us to Memorial Day and will be largely focused on getting the reconciliation package across the floor.
Senate passage of budget resolution advances President Trump’s agenda
The Senate held a marathon vote session on Friday night, ending with the early Saturday passage of a budget resolution that advances President Trump’s widespread agenda. The measure, as passed, departs from the House version in a few key areas and has sparked criticism from deficit hardliners.
Week two of a three-week work period ahead of the Easter recess
This is week two of a three-week work period ahead of the Easter recess, and both Chambers are feeling urgency to act on a unified budget resolution. In addition, the Trump administration plans to unveil a new, expansive set of tariffs on Wednesday.