Community Bankers Association of Illinois

Obama Joins Durbin as Co-sponsor of
Federal Legislation to Restrict ILCs

The Community Bankers Association of Illinois is pleased to announce that Senator Barack Obama has signed on as a co-sponsor of S.1356, the bill introduced in the United States Senate to create the Industrial Bank Holding Company Act of 2007. This legislation, strongly supported by both the Independent Community Bankers of America and CBAI, would close the industrial loan company ("ILC") loophole by restricting commercial ownership and branching rights of ILCs.

Senator Obama joins Illinois' senior United States Senator, Richard Durbin, as co-sponsors of S.1356. Senator Durbin signed on as a co-sponsor earlier this month. With the addition of Senator Obama, Illinois joins Ohio and South Dakota as the states from which both United States senators have stood with community banks in support of reasonable and meaningful restrictions on ILC ownership and operations.

Please take a moment to call Senator Obama at 202-224-2854 and Senator Durbin at 202-224-2152 to express the appreciation of Illinois community bankers and to urge progress on the passage of S.1356 prior to the January, 2008 expiration of the FDIC's moratorium on approval of ILC charter applications.

  800.736.2224 (IL) | 217.529.2265  
  DISCLAIMER: The association is not responsible for and has no control over the subject matter, content, information, or graphics when viewing links attached to this association's site.