Memo to PA Congressional Delegation

I am sure by now you have heard that Wal-Mart has withdrawn its application before the FDIC for deposit insurance for its Industrial Loan Corporation (ILC) charter.

For well over a year now, along with our national trade association, ICBA, PACB has lobbied our Congressional Delegation and the FDIC to oppose the Wal-Mart & Home Depot applications and to support 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.

If you have not yet done so, we urge you to consider co-sponsoring H.R. 698, the Frank/Gillmor legislation to permanently close the ILC loophole.

We are grateful to the following co-sponsors of H.R. 698 so far this session: Carney, Doyle, Holden, Patrick Murphy, Sestak.

If you need any information from PACB on this issue, please do not hesitate to contact Dave Transue.

Thanks so much.