FDIC staff urges 1-year freeze on retailers' ILCs

Newswire

WASHINGTON, Jan 31 (Reuters) - The staff at the Federal Deposit Insurance Corporation on Wednesday recommended extending for on e year a moratorium on applications by commercial firms such as Wal-Mart Stores Inc. and Home Depot Inc. seeking to own a bank. The freeze has been in place for the past six months, affecting 9 pending applications for buying or creating a specialty bank known as an industrial loan company (ILC). At an FDIC board meeting, the FDIC staff also recommended that the ...

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