Community Bankers Association of Illinois


At last count, over 1100 letters have been received by the Federal Deposit Insurance Corporation in response to WalMart's application for an industrial loan company charter in Utah. The overwhelming number of comment letters have expressed opposition to the application.

A letter from several organizations to House Financial Services Committee Chairman Michael Oxley urges the Chairman to include language authored by Congressmen Paul Gillmor (R-OH) and Barney Frank (D-MA) in HR 3505, the Financial Services Regulatory Relief Act of 2005. The organizations include the Independent Community Bankers of America, the United Food and Commercial Workers International Union, the National Grocers Association, and the National Association of Convenience Stores. The language would limit the ability of commercial companies to acquire an ILC and open branches in other states.

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