Community Banker Alert

I am sure by now you have heard that Wal-Mart has withdrawn its application before the FDIC for deposit insurance for its Industrial Loan Corporation (ILC) charter. This is a major victory for community banking.

For well over a year now, along with ICBA, PACB has lobbied our Congressional Delegation and the FDIC against the Wal-Mart & Home Depot applications and for the vital principle that the separation of banking and commerce remain intact. Wal-Mart’s retreat, while an important victory, does not lessen our determination along with our legislative allies to continue lobbying the Congress to permanently close the ILC loophole and prevent the commercial conglomerates from entering retail banking. Wal-Mart has retreated in the past and they may be back in the future and Home Depot’s application remains pending with the FDIC.

If you have not yet contacted your Congressional representative, please do so now. Ask your Congressional representative to co-sponsor H.R. 698, the Frank/Gillmor legislation to close the ILC loophole.

If you need anything from PACB for these contacts, please contact Dave Transue and he will be glad to assist you.

For your information, I have attached a news release from Congressmen Gillmor & Frank on this important issue.

Attachment