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MoFo Reenforcement The Enforcement Blog

Tag Archives: ILC

Financing Fintech: ILC Charters

Posted in Regulatory Developments

An ILC, or industrial loan company, is a form of bank that can be chartered in Utah, Nevada, and a few other states. ILCs are insured by the FDIC and have most traditional banking powers, but they cannot hold corporate checking accounts. Significantly, an ILC is not a bank under the Bank Holding Company Act,… Read More