Romney made the request to the FDIC in a letter that was also signed by Sens. Catherine Cortez Masto, Susan Collins, Kyrsten Sinema and Debbie Stabenow.

A bipartisan group of senators led by Sen. Mitt Romney (R-Utah) sent a letter to the Federal Deposit Insurance Corp. this morning urging the bank regulator to give industrial banks fair regulatory treatment, particularly among new entrants.

After a year when crypto tanked and regulators have become increasingly skeptical of bank-fintech partnerships, observers say the prospect of new industrial loan company applications being approved is increasingly remote.

A bipartisan group of senators is warning the Federal Deposit Insurance Corp. to give new industrial loan company charter applications due consideration, urging the regulator to "follow the laws that Congress carefully designed."

We write today to express support for the industrial loan company (ILC) charter and respectfully remind you to ensure the Federal Deposit Insurance Corporation (FDIC) continues to follow the laws that Congress carefully designed for the FDIC to consider new deposit insurance applicants, including ILCs.

The Biden administration’s picks to fill out the remainder of the Federal Reserve Board are a high-water mark for racial and gender diversity on the central bank’s governing body, but it remains to be seen how the nominees will be received by the Senate.

Federal Deposit Insurance Corp. Chair Jelena McWilliams announced she will resign early next year, a decision that comes just weeks after a partisan struggle on the agency's board threatened her leadership.

Doyle Bartlett and Blair Hancock, members of NAIB’s federal government relations team, were recognized by the noted publication The Hill on their 2021 list of top lobbyists.

Congress is considering eliminating the exemption for industrial loan companies (“ILCs”) from the definition of a bank under the Bank Holding Company Act (“BHCA”). State regulators believe there are several misconceptions regarding ILCs and the permissible activities of ILCs and their commercial parents.

NAIB member banks understand the importance of managing third party relationships in a safe and sound manner. We hope the comments provided will be helpful in developing well balanced and effective guidelines without regulatory burdens that may be overkill and without adequately considering the impact on the banks.

This proposal would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions.

Read the letters to President Biden and Members of the U.S House of Representatives and Senate regarding this issue.

The Utah Center for Financial Services at the University of Utah’s comprehensive study “Source of Strength and Consolidated Supervision: A Comparative Assessment of Industrial Banks and Commercial Banks”, by Dr. James Barth and Dr. Yanfei Sun.”

Federal bank regulators committed to rescinding the Trump-era reform of the Community Reinvestment Act, announcing a second attempt at an interagency rulemaking to modernize the anti-redlining law.

Ameriprise Financial (NYSE: AMP) has filed an application to convert Ameriprise Bank, FSB to a state-chartered industrial bank (IB) regulated by the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corporation (FDIC).

Banks and some of their deposit-gathering businesses won additional regulatory relief Tuesday when the Federal Deposit Insurance Corp. finalized a new framework for classifying brokered deposits enabling a broader set of companies to escape restrictions.