FACTBOX-U.S. has 61 ILC banks, mostly in Utah

Newswire

Jan 31 (Reuters) - Industrial loan companies (ILCs) are a fast-growing U.S. industry of 61 specialty banks, more than half of them in Utah, with combined assets totaling $155 billion. ILCs are state-chartered institutions with broad banking powers that are regulated by the Federal Deposit Insurance Corporation and state banking officials. Because ILCs are not subject to Federal Reserve supervision or the federal Bank Holding Company Act, they can have nonfinancial owners. The FDIC met on ...

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