The Independent Community Bankers of America (ICBA) is lobbying Congress to block fintech firms from obtaining an Industrial Loan Company charter; the ICBA distributed a policy paper in Washington calling for an immediate moratorium on providing federal deposit insurance to ILCs; they will be lobbying members of Congress including the Senate Banking and House Financial Services committees; Nat Hoopes of the Marketplace Lending Association pushed back saying this, “As thousands of traditional bank branches close, many communities are losing banking options. Limiting consumers’ banking choices in these circumstances is not going to help the American economy.” Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.