Community Banker Alert

The ILC issue is looming large. The FDIC’s moratorium on ILC applications including Wal-Mart & Home Depot is scheduled to expire on January 31.

Rep. Barney Frank (D-Mass), the new Chairman of the House Financial Services Committee, and Rep. Paul Gillmor (R-Ohio) will be reintroducing bipartisan legislation they have crafted to shut down the ILC loophole and stop Wal-Mart and Home Depot from gaining a foothold in retail banking.

It is imperative that you contact your Congressional representatives and urge them to co-sponsor the Frank/Gillmor legislation to close the ILC loophole. In your communication, feel free to reference the memo PACB sent to the entire delegation yesterday (a copy is attached).

Again, keep your message simple and that is we need our Congressional representatives to co-sponsor the Frank/Gillmor legislation to maintain the separation of commerce and banking and maintain community banking as a viable choice for consumers in the 21st Century.

If you have any questions, please do not hesitate to contact Dave Transue. He can provide you with your contact information for your Congressional representatives if you need that information or provide you with more information on the ILC issue.

Thank you for your attention to this urgent matter.

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