Community Bankers Association of Illinois

The Clock is Ticking; Act NOW to Close ILC Loophole

The FDIC's moratorium on ILC applications expires in January so it is critical to enact a legislative fix by yearend. The House has already passed legislation (H.R. 698) to block future commercial ownership of ILCs. Companion legislation in the Senate (S. 1356) has been introduced by Sens. Sherrod Brown (D-Ohio), Tim Johnson (D-S.D.), Wayne Allard (R-Colo.) and Russ Feingold (D-Wis.), and is awaiting action.

Community bankers need to Act NOW to ensure Congress acts in Time!

H.R. 698 had nearly 150 co-sponsors, prompting House leadership to move that bill to the House floor. The Senate bill, S. 1356, currently has seven. (Sens. John Thune (R-S.D.), Byron Dorgan (D-N.D.) and Tom Harkin (D-Iowa) were added later.) Seven is not enough! Please Contact Senators Durbin and Obama Immediately to Urge Their Support!

If you want to keep Wal-Mart, Home Depot and other commercial conglomerates out of banking in your community, you need to act NOW.

Call Senator Durbin at 202-224-2152 and Senator Obama at 202-224-2854 and urge them to co-sponsor S. 1356!

Call their offices and ask your senators to co-sponsor this important legislation. Act now. You may not get another chance.

These are the facts. The FDIC will not extend the moratorium again. When it expires in January, it expires. If legislation is not enacted by then to keep Wal-Mart and Home Depot out of banking, they and other corporate behemoths will be at the FDIC's door on February 1 to apply for an ILC.

Get involved now to make sure this does not happen. Urge Senators Durbin and Obama to co-sponsor S. 1356. Visit ICBA's website for talking points.

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