Updates
The latest news and advocacy information for industrial bankers.
“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.
Joint budget resolution and strategy to proceed with reconciliation
A week-long recess for the House and Senate passed last week with no shortage of activity from the executive branch to keep everyone busy. As lawmakers return to the Hill this week, conversations will continue on a joint budget resolution and strategy to proceed with reconciliation.
Focused on government funding
This week will be focused on government funding, as the March 14th shutdown deadline looms. Over the weekend, Congressional Republicans released text for a continuing resolution that would extend funding through September.
House Republicans passed their budget resolution
Last week, following a lengthy vote on the floor, House Republicans passed their budget resolution, setting up a challenging reconciliation process in the coming week. Speaker Mike Johnson managed to hold his conference together, losing only one Republican vote.
Stellantis applies to form industrial bank
Stellantis on Feb. 11 applied to form an industrial bank through the Utah Department of Financial Institutions. The application for the bank, dubbed Stellantis Bank USA, is pending approval by the Federal Deposit Insurance Corporation
Senate passed their budget resolution
Last week, the Senate passed their budget resolution after an all-night session of amendment debate. Meanwhile, the White House weighed in again to push the more comprehensive House resolution, and the House returns to Washington this week to take up their version on the floor.
Focus of the week continues to be reconciliation
The House is out on recess this week; the Senate is in. The main focus of the week continues to be reconciliation.
Introduction Letter to Members of Congress
The National Association of Industrial Bankers welcomes the 119th Congress and looks forward to working with members toward our shared goal of a strong and safe banking sector.
President Trump’s announced tariffs and the related turmoil
This past week has seen a fast and furious array of announcements impacting the functioning of numerous agencies, and in some cases, court decisions countermanding those orders. We will attempt to itemize and unpack these updates.
GM subsidiary resubmits ILC charter application
GM Financial resubmitted its application for an industrial loan company charter Friday to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions.