On March 17, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice of proposed rulemaking (the “Proposal”) that would codify the FDIC’s existing supervisory processes and policies that apply to industrial banks and industrial loan companies (collectively, “ILCs”) and their parent companies. The FDIC announced on the following day that the FDIC Board of Directors had approved applications for deposit insurance coverage for two de novo ILCs, Square Financial Services, Inc. and Nelnet Bank.

Click here to read our Five Things to Know about the FDIC’s proposed ILC rule.