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House subcommittee considers ILCs
Northwestern Financial Review, Aug 1-Aug 14, 2006
The House Financial Services' Subcommittee on Financial Institutions and Consumer Credit hosted a hearing July 12 on industrial loan companies. North Dakota banker Terry Jorde, representing the ICBA, urged Congress to ban commercial firms from owning industrial loan companies. Edward Leary, Utah Commissioner of Financial Institutions, told the subcommittee his state has been successfully regulating FDIC-insured industrial banks for 20 years and has safeguards in place to prevent parent companies from exercising undue influence.
Two days prior to the hearing, Reps. Paul Gillmor (R-Ohio) and Barney Frank (D-Mass.) introduced legislation that would place new restrictions on industrial loan companies.
Copyright NFR Communications Inc Aug 1-Aug 14, 2006
Provided by ProQuest Information and Learning Company. All rights Reserved
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